S. Korea Daewoo Shipbuilding Cancels Order

Reports indicate that South Korea's Daewoo Shipbuilding & Marine Engineering Co. (042660.SE) said Monday that it has canceled an order, received in October, for two vessels worth KRW409.1 billion. Daewoo Shipbuilding decided to terminate the contract as the buyer failed to make a payment by the due date, the South Korean shipbuilder said in a filing to the Financial Supervisory Service. In October, Daewoo Shipbuilding said that it received an order from Singapore's Frigstad Offshore Drilling Ltd. to build two semi-submersible drilling vessels for delivery by June 2009. Officials at the Singaporean company could not be immediately contacted for comment.