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Two drilling ships to be built by Daewoo

Tuesday, 15 May 2018

Norwegian-backed offshore contractor Northern Drilling said it has placed an order worth a massive US$592 million with South Korean yard Daewoo Shipbuilding & Marine Engineering for two new drilling ships.

The two newbuilding 7th-generation DP3 and ultra-deepwater capable drillships
will be named West Aquila and West Libra. The order is worth US$296 million per vessel, with US$90 million per unit to be paid at contract signing and the remaining at delivery. Expected delivery is January and March 2021, with flexible delivery schedule and an option to take earlier delivery. In addition, the Northern Drilling has an option to acquire a third drillship, known as the Cobalt Explorer, from Daewoo Shipbuilding at a purchase price of US$350 million with the option period expiring in six months. To finance the order, Northern Drilling is considering private placement of new shares.

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