Sevan Drilling and Cosco agree on rig delivery delay

Dalian: Sevan Drilling announced that the company and Cosco have agreed to amend the termination rights of the construction contract and defer the delivery date for the rig, Sevan Developer.

Delivery is deferred for 12 months with mutually agreed options, exercisable at six-month intervals, to extend the delivery date for up to a total of 36 months from 15 October 2014.

Cosco will complete construction and maintain the rig at the shipyard in Qidong.

Sevan will continue to market the rig as part of its fleet and delivery will take place only after a drilling contract is in place that is sufficient for secured financing to be obtained. [17/10/14]

 

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