January 29, 2018 / 7:39 AM / 10 months ago

Samsung Heavy sells drilling rig for $500 mln

SEOUL, Jan 29 (Reuters) - South Korea’s Samsung Heavy Industries Co Ltd said on Monday it has agreed to sell a semi-submersible drilling rig for $500 million to an unidentified European company.

The world’s third-largest shipbuilder by orderbook said Sweden’s Stena, which originally ordered the drilling rig, had cancelled the order last year.

Last week, Samsung Heavy agreed to sell the rig to a European third party, resolving the risk of non-payment, the firm said in a regulatory filing. (Reporting by Joyce Lee; Editing by Sherry Jacob-Phillips)

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