[THE INVESTOR] Daewoo Shipbuilding and Marine Engineering ’s pending dues of 1 trillion won (US$8.93 billion) from Angolan state-run oil company Sonangol may be cleared only next month as the latter’s negotiation with global financial institutions over credit line maintenance has been postponed until end-September, according to news reports on Sept. 19.

This pushes the delivery date of DSME’s two drill ships scheduled for Sept. 30 even further, upon which the cash strapped South Korean shipbuilder will receive the remaining payment.



Sonangol has been negotiating with financial institutions to extend its credit line which was denied due to falling crude oil prices.

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