Sevan Drilling and Cosco Corporation have agreed to delay the end of the first deferral period for cylindrical ultra deep water drilling rig Sevan Developer from 15 October 2015 to 1 November 2015.
The delay is so both parties can continue negotiations on the first six-month option period.
Sevan Drilling ordered the construction of the rig with Cosco in May 2011, with delivery later deferred until an acceptable drilling contract agreement could be reached. Delivery was delayed by 12 months, with cancellation options at six month intervals with the potential to delay delivery by up to 36 months.
Sevan has been unable to secure a charter contract for the rig and Cosco are at risk of being held responsible due to delay in delivery.