SEOUL, Nov. 23 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a major South Korean shipyard, has faced another call from a customer to delay ship delivery, adding to difficulties for the shipbuilder, industry sources said Wednesday.
According to the sources, U.S. drilling firm Atwood Oceanics has asked Daewoo Shipbuilding to delay the delivery of two drill ships, which were originally scheduled to be handed over last year.
The value of the contracts, signed in September 2012 and June 2013, was US$1.2 billion, and Daewoo Shipbuilding has yet to be paid the required 470 billion won (US$399 million) before the delivery.
Daewoo Shipbuilding has been already facing a further delay in receiving 1 trillion won in payment from an Angola oil firm for the delivery of two drill ships.
Daewoo Shipbuilding and Sonangol have been negotiating to resolve the delayed payment, but the delivery may be pushed back to next year, according to industry sources.
The delivery of the two drill ships was originally scheduled for June and July, respectively, but was delayed due to Sonangol’s worsening financial status.
The payment is one of the key resources that Daewoo Shipbuilding needs to repay its debts worth 940 billion won due in April and November next year.