Hyundai Heavy unit sells semisubmersible rig for $370m

Hyundai Samho Heavy Industries Co., a mid-sized shipbuilder here, recently sold a semisubmersible rig obtained from a Norwegian shipping firm through a compromise arrangement, for $370 million, industry sources said Monday.

According to the sources, Hyundai Samho sought arbitration over Seadrill's cancellation of the rig order, and both sides reached a compromise under which the South Korean shipyard will pay back the down payment worth $170 million in return for ownership.