Semisub Order Cancelled

The order placed by Frigstad Offshore for the construction of two state-of-the-art semisubmersible drilling rigs has been cancelled. As reported in a filing to the Korean Financial Supervisory Service, Daewoo said they decided to terminate the contract when all the terms and conditions were not met. The order was valued at US $402 million for delivery by June 2009.

Daewoo said it had received orders this year totaling $6.8 billion for 45 vessels.

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