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| Published：2019.03.18 News Sources：Qingdao Gute Ship Supplies Co., Ltd. Views： | |||
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Daewoo Shipbuilding delivered Sonangol's first ultra-deepwater drilling ship
On March 15, South Korea's Daewoo Shipbuilding announced the successful delivery of the first of two ultra-deepwater drilling vessels built for the Angolan National Oil Company (Sonangol). After several years of delay, Daewoo Shipbuilding finally reached an agreement with Sonangol at the end of last year to deliver the two ultra-deepwater drilling vessels this year. After the delivery, Sonangol will pay 900 billion won (about 799 million US dollars) to Daewoo Shipbuilding, which is about 200 million lower than the original 990 million. After the delivery of the first drilling ship, Daewoo Shipbuilding will receive a 560 billion won (approximately $ 493 million) in payments from Sonangol. The second drilling ship is expected to be delivered within the next two months. In 2013, Sonangol ordered the two drilling vessels under Daewoo Shipbuilding, with a contract value of about 1.3 trillion won (about 1.24 billion US dollars), using tail-weight payment terms. After the order was signed, Daewoo Shipbuilding received an advance payment equivalent to 20% of the contract amount, totaling 250 million US dollars, and the remaining 1 trillion won (about 990 million US dollars) will be paid after the new ship is delivered. According to the contract, Daewoo Shipbuilding will deliver the two drilling vessels to Sonangol at the end of June and the end of July respectively. However, due to the deterioration of Sonangol's financial situation and the inability to find a strong institution willing to provide repayment guarantees, the delivery period of the two drilling vessels was postponed. In 2016 and 2017, when Daewoo Shipbuilding faced a serious liquidity crisis, Sonangol's two drilling vessels were considered by Daewoo Shipbuilding as an important project to solve the shortage of funds. Daewoo Shipbuilding has also negotiated with Sonangol several times and hopes to deliver the two drilling ships as soon as possible, but these efforts have failed.
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