SEOUL, South Korea – Daewoo Shipbuilding & Marine Engineering Co. says it has canceled a 703.4-billion won ($595-million) order for the drillship Cobalt Explorer from Vantage Drilling.
Daewoo said the customer failed to make an interim payment.
Vantage said it terminated the contract according to the terms of the agreement and would seek to recover all funds paid to the shipyard.
Cobalt Explorer was scheduled for delivery by the end of this year. It is a seventh generation, dual-activity ultra-deepwater drillship equipped with two seven-ram BOPs and 10,000 ft (3,048 m) of riser.
DSME reportedly plans to continue building the ship and will try to find a new buyer.
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