▲ This file photo provided by Samsung Heavy Industries shows a drill ship built by the shipbuilder years ago. (PHOTO NOT FOR SALE) (Yonhap)

Samsung Heavy-drill ships

Samsung Heavy to sell 4 drill ships amid high oil prices

SEOUL, April 21 (Yonhap) -- Samsung Heavy Industries Co., the world's third-largest shipbuilder by orders, said Thursday it will sell four drill ships to take advantage of higher oil prices.

Samsung Heavy plans to sell four drill ships to a private equity fund (PEF) operated by Curious Partners Investment for 1.04 trillion won (US$840 million) if the PEF is set up in May, the company said in a statement.

Samsung Heavy will invest 590 billion won in a 78.7 percent stake in the PEF next month, with several institutional investors joining the fund for profit gains from the resale of the drill ships, it said.

"The proceeds from the sale of the ships (to the PEF) will help improve the company's financial status, and the ships' resale by the PEF will help achieve gains from its investment in the PEF," a company spokesperson said.

The four drill ships were built years ago for overseas shippers, but they couldn't be delivered due to financial difficulties, he said.

The company currently has five drill ships, including the four to be sold to the PEF. One is on lease to Italian energy contractor Saipem S.p.A., the statement said.

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