Shanghai: Offshore drilling firm Sevan Drilling announced that it has entered an agreement with Cosco (Qidong) Offshore to extend the Sevan Developer standstill agreement into the fourth quarter in order to allow the parties more time to negotiate a later delivery date as an alternative to contract cancellation.
Sevan Drilling earlier considered canceling the platform rig, but later it signed a standstill agreement with Cosco in September.
Currently the construction of the platform is still in progress. [09/10/14]
Sevan Drilling considers cancellation at Cosco Shipyard