Daewoo cancels order

South Korea’s Daewoo Shipbuilding & Marine Engineering has canceled an order, received in October, for two semi-submersible drilling vessels worth $402 million.

The order had been placed in October by Singapore’s Frigstad Offshore Drilling Ltd. for delivery by June 2009. Daewoo decided to terminate the contract as Frigstad failed to make a payment by the due date, the South Korean shipbuilder said in a filing to the Financial Supervisory Service.