Daewoo Shipbuilding & Marine Engineering (DSME) says it has reached an agreement with Sonangol over the delayed delivery of two drillships.
It said it will now handover the two deepwater units to the Angolan state-owned oil company by March next year for KRW 900bn ($799m).
DSME clinched a deal to build two drill ships for Sonangol in 2013, with the original delivery date set for 2016.
But the Sonangol reportedly balked at full payment as its financial status worsened amid a fall in global oil prices.
DSME said it has already fully reflected the losses from the delayed ship delivery on its balance sheet. The ships were ordered at a price of KRW 990bn.
In mid-November, TradeWinds reported that DSME said it was close to concluding an agreement with Sonangol over the drillships.
“There is a good prospect (of it happening),” chief executive Jung Sung-leep said in a news conference at the time.
He reportedly said that negotiations were “well underway” over how much DSME would receive from Sonangol.
