January 29, 2018 / 7:46 AM / 9 months ago

Samsung Heavy sells drilling rig for $500 million

SEOUL (Reuters) - South Korea’s Samsung Heavy Industries Co Ltd (010140.KS) 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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