Marine Log

March 9, 2006

Samsung gets order for $550 million drillship

Samsung Heavy Industries (SHI) has announced an order from Stena for a drill ship that breaks a number of records. Among these is its $550 million price tag--which makes it the most expensive vessel thus far ordered from a Korean yard.

Samsung says the price is $30 million higher than that of a similar vessel it booked last August.

The ship will be 228 meters in length, 42 meters in width and 19 meters in height. It will be capable of drilling in 11,000 meter depths.

After a 27 months production period, the ship will be ready for service in June 2008.

Until now drill ships produced in Korea have generally featured drilling equipment imported from Europe. In this case, though, Samsung has been awarded a turn key order under which it is fully responsible for design, purchase of materials, installation and test runs.