Sevan Drilling delays Developer deadline with Cosco

Sevan Drilling delays Developer deadline with Cosco

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.

 

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

Related Posts