South Korea's Hyundai Heavy Industries (HHI) announced Sunday that it has delivered Ocean Greatwhite (UDW semisub), the world’s largest semisubmersible drilling rig, on July 15 to drilling contractor Diamond Offshore.
The South Korean shipyard collected a delivery installment worth $395 million (KRW 460 billion) from Diamond Offshore and the funds are expected to help the company improve its cash flow.
Diamond Offshore ordered the $630 million semisub from Hyundai in 2013 and the rig has been chartered for work in the Great Australian Bight in October. The firm has delivered four drillships to the U.S.-based drilling contractor so far.
"The close cooperation between Diamond Offshore and HHI on the basis of mutual trust is what made the delivery of Ocean Greatwhite possible," a Hyundai Heavy Industries said in the press release.
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