South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) has reportedly resolved its differences with Angola’s Sonangol and made plans to deliver two drillships next year, which will end a longstanding dispute over a delay in the delivery.

Back in 2013 Daewoo secured an order from Sonangol to build two drillships and scheduled the delivery for 2016. However, the Angolan state-owned oil company balked at full payment as its financial situation worsened amid a fall in global oil prices.

Yonhap, a South Korean news agency, reported on Wednesday that the shipbuilder had agreed with Sonangol to deliver the two drillships by March 2019 for approximately $799 million. According to a Wednesday report by Korea’s Aju Business Daily, DSME will deliver the first rig by the end of January and the second one by the end of March.

Source: Offshore Energy Today