Samsung Heavy Ordered to Pay $411M to Stena Drilling in Canceled Offshore Rig Order Case

Home Community Industry News Samsung Heavy Ordered to Pay $411M to Stena Drilling in Canceled Offshore Rig Order Case

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    Greensea Systems
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    South Korean shipbuilding giant Samsung Heavy Industry has to pay $411 million to offshore drilling contractor Stena Drilling, a London arbitration tribunal has ruled.

    The spat between the two companies began after Stena Drilling in 2017 terminated the order for the construction of the harsh environment semi-submersible drilling rig Stena Midmax.

    Stena Drilling had ordered the rig in June 2013, with the delivery expected in March 2016. Citing excessive delay, Stena Drilling on June 1, 2017, terminated the rig order.

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