Daewoo MoU With Iran Fails

Daewoo Shipbuilding & Marine Engineering Company has announced the failure of a potential deal to build jack-ups for Iran. The company said a memorandum of understanding signed with an Iranian client had expired and no further discussions took place over resurrecting the agreement, TradeWinds News reported. DMSE signed the MoU in September last year, but did not finalize the contract. TradeWinds reported last year that Iranian Offshore Oil Company was interested in building five jack-up rigs worth slightly over $200 million each. DSME was said to be the only yard to have entered into MoUs for the units. But other sources said the deal was to be shared with Samsung Heavy Industries. Since 1983, DSME has delivered 38 ships valued at $1.65 billion to Iranian companies, including the Islamic Republic of Iran Shipping Lines and the National Iranian Tanker Company, based on media reports.