Singapore: KS Drilling and Cosco have come to an agreement to delay the delivery of a jack-up rig until April 2016.
The rig is one of a pair ordered in May 2011, the first delivered in 2014. The other is currently ready to be delivered, but an agreement was reached whereby KS Drilling can take delivery at any time prior to April 2016, with payment due within 5 days of delivery.
Additionally, both Cosco and KS Drilling have agreed to sell the rig to a third party if the sale price can cover each party’s respective costs.
Last week Axis Offshore also came to an agreement with Cosco for a harsh environment semi-submersible accommodation rig on order at Qidong shipyard, delaying delivery until July 2016.