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* Rig under construction due to be delivered in Q2 2014
* Hull of rig sank to seabed on Saturday, rig not submerged
* Shares down 2.3 pct
By Ole Petter Skonnord
OSLO, Dec 30 (Reuters) - Shares in Norwegian rig companyOdfjell Drilling fell on Monday after a rig it orderedfrom Daewoo sank at a shipyard in South Korea onSaturday, likely delaying its completion.
The rig, intended for use by British oil company BP,was being built at a shipyard owned by Daewoo Shipbuilding andMarine Engineering (DSME) off Geoje Island on the southcoast.
The $1.2-billion contract over seven years with BP is thelargest in Odfjell Drilling's 40-year history.
Odfjell Drilling's head of investor relations, Lasse H.Johannesen, said the rig would probably be delayed but could notgive more details because the firm was waiting for moreinformation from DSME.
The rig was due to be delivered by the yard in the secondquarter of 2014.
Odfjell Drilling shares fell 2.4 percent at 1136 GMT,lagging an Oslo benchmark index up 0.5 percent.
A Daewoo spokesman said on Sunday the rig had tiltedslightly due to a problem with a drainpipe at the bottom, whichwas being repaired. He described the incident as minor.
The rig was to be used by BP for drilling at theSchiehallion and Loyal fields off Britain's Shetland Islands,the British oil company said on its website.
Odfjell Drilling declined to say how long a delay had to bebefore BP could cancel its contract with the firm.
"Both our contract with the yard and our contract with BPhave relatively standard conditions attributing responsibilitywhen it comes to cancellations and delays," said OdfjellDrilling spokesman Gisle Johanson.
