South Korea To Build O wn Semisubmersible Unit To Cost $80 Million

The South Korean government plans to build its own 10,000-gt semisubmersible offshore drilling unit for oil exploration at a cost of $80 million.

The order will be placed, probably at a domestic yard, in time for delivery in 1983. Previously the government intended to lease rigs, but the Ministry of Energy and Resources reportedly experienced difficulty in securing units and self ownership could prove more cost effective.

While the Seoul government can expect to spend $80 million on building its own rig, calculations show that leasing could cost as much as $40,000 a day. In the minimum of one month needed to drill a 3,000- to 4,000-meter exploratory hole, the cost of leasing could be $12 million.

Private shipbuilders such as Hyundai, Samsun, Daewood, and Korea Shipbuilding will be invited to participate in the project.

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