Delivery of a jack-up rig ordered at Cosco Nantong by KS Drilling has been delayed by another 19 months, having previously been scheduled to arrive in April this year.
The decision was made “in light of the currently unfavourable oil and gas market climate,” KS Drilling said in a filing today. The rig was ordered in May 2011 and is ready for delivery, which is now expected on December 31, 2017.
This is not the first time the KS energy subsidiary has delayed arrival of the rig, which was originally expected to hit the water in 2014.
Last year, the shipyard and its client agreed to sell the rig to a third party if the sale price can cover each party’s respective costs.
The rig is one of a pair, the first of which was delivered in 2014. The two are capable of operating in water depth of up to 400 feet and drilling to depths of 35,000 feet, with accommodation for 150 personnel onboard.