Sevan Drilling delays rig delivery by another six months

Sevan Drilling delays rig delivery by another six months

Sevan Drilling and Cosco Shipyard have agreed to exercise a second six-month option to extend the deferral agreement of the Sevan Developer rig. It is now scheduled to deliver on October 15 this year.

The final delivery installment has been amended to $473.4m, representing 90% of the $526m contract price and Cosco Shipyard will refund $26.3m, or 5% of the contract price.

The rig is being built at Cosco Qidong.

“In view of the deferment and the uncertainty as to whether the remaining options will be exercised, it is not possible to ascertain the financial impact of the agreement for deferment at this point in time,” Cosco Shipyard’s parent said in a release.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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