DSME inks drillship order with Vantage Drilling

Daewoo Shipbuilding and Marine Engineering (DSME) has bagged another drillship order worth $580m to $590m. Vantage Drilling has placed an order for an ultra-deepwater drillship at the South Korean yard, as well as an option for a second vessel. The Tungsten Explorer is due to be delivered at the end of May 2013 and will costs between $580m to $590m in total Vantage said.


DSME offered delivery of the drillship in just 24 months and preferential payment terms. "We are also very pleased that payment terms provide for an initial down payment of just slightly over $100m, with the balance of the contract price due at delivery in May 2013. We plan to debt finance the down payment in connection with our planned refinancing of some of our existing high cost debt,” said Paul Bragg, chairman and ceo of Vantage.
(Source:http://www.seatrade-asia.com)