(MENAFN) South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. said it has secured USD401 million as it delivered a drill ship to an Angolan customer.
According to the company, it gave the last of two drill ships to the Angolan state oil company Sonangol, which ordered the two drill ships from it in 2013.
The payment from the latest delivery will provide fresh liquidity to the company that has been having a hard time improving its finances.
Daewoo Shipbuilding saw net profit drop 13.7 percent on-year to USD163 million in the first quarter of the year, while operating profit and sales also declined compared to a year earlier.
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