Samsung Heavy Industries Finds Buyer for Drillship

South Korean shipbuilder Samsung Heavy Industries said Wednesday it had found a buyer for a drillship originally ordered in 2014.

The company said the drillship had been sold to a European drilling company, without sharing the identity of the buyer. The delivery is scheduled for the first quarter of 2023.

The drillship was originally ordered by Ocean Rig in 2014. After agreeing on the newbuild rig delivery delays with Samsung in 2016, the drilling firm was then bought by Transocean in 2018, and Transocean then in 2019 canceled orders for two drillships originally ordered by Ocean Rig - the Ocean Rig Santorini and Ocean Rig Crete.

According to the Korea Herald, the sale price for the drillship is $245 million. Samsung Heavy said the buyer must confirm the delivery date by October 15, 2022. Samsung said the sale would reduce maintenance costs and bolster its liquidity.

Meanwhile, Samsung Heavy Industries back in June signed a charter deal with Saipem for the Santorini drillship, with an option to buy.

The South Korean company confirmed that the drillship was delivered to Saipem last month.

A Samsung Heavy Industries official said: "As the drilling market is recovering thanks to the recent rise in oil prices, we will do our best to sell the remaining three drillships as soon as possible."

The Samsung Santorini is a seventh-generation drillship equipped with two Blow Out Preventers. The drillship is capable of operating at water depths up to 12,000 feet (over 3,500 meters).