DSME makes 480 billion won with Angolan drill ship delivery

Daewoo Shipbuilding & Marine Engineering, a major shipbuilder here, said Friday it has secured 480 billion won ($401 million) as it delivered a drill ship to an Angolan customer.

DSME said it handed over the last of two drill ships to the Angolan state oil company Sonangol.

The Angolan oil company ordered the two drill ships from the Korean shipyard in 2013.

The first drill ship was delivered in March after resolving a years long dispute over a delay in delivery.

The payment from the latest delivery will provide fresh liquidity to the shipbuilder that has been struggling to improve its financial health.

DSME saw net profit fall 13.7 percent on year to 195 billion won in the first quarter of the year, while operating profit and sales also declined compared to a year earlier.

Yonhap