HHI delivers world’s largest semi-submersible rig

[THE INVESTOR] Hyundai Heavy Industries has delivered the world’s largest semi-submersible drilling rig to a US contract driller last week as scheduled, the company said on July 18.

In 2013, HHI won the US$630 million order from Texas-based Diamond Offshore Drilling to build the Ocean Greatwhite that measures 123 meters in length and 78 meters in width. The rig can operate in waters up to 3 kilometers deep and drill down to a depth of 10.67 kilometers from the sea surface. 

The company official said HHI received around 460 billion won (US$404.96 million) for the delivery, which will help the financially struggling company to secure liquidity.

The rig will be chartered to BP to work in the Great Australian Bight in October.

“Amid difficult market situation, we were able to successfully deliver the drilling rig, thanks to the strong relationship with the owner,” an official at HHI said. “Based on our experience of building large-scale facilities, we expect to supply for other projects at the right time soon.

The world’s largest shipbuilder has built four drill ships for Diamond Offshore Drilling in the past, including the Ocean Blacklion last year, which marks HHI’s 2,000th delivery.

By Ahn Sung-mi (sahn@heraldcorp.com">sahn@heraldcorp.com)