[THE INVESTOR] Daewoo Shipbuilding and Marine Engineering announced on Aug. 17 that it will deliver two drillships to the Angolan state-run oil firm Sonangol EP by Sept. 30.

The ships were to be delivered in June and July, respectively, but the deliveries have been delayed as the state-owned company had problems paying for the ships.

Sonangol paid 300 billion won (US$271 million) when it signed a contract for the two ships in 2013 and should pay the remaining 1 trillion won upon delivery of the vessels. 


Jung Sung-leep, CEO and president of the shipbuilder, went to Angola to discuss the delivery date in person earlier this month, but “the financing difficulties have not been solved yet,” said a company official.

Norwegian Guarantee Institute for Export Credits has refused to guarantee the energy group following the sharp fall in oil prices, and Korea Trade Insurance Corporation is considering to step in instead.

By Hwang You-mee (glamazon@heraldcorp.com)