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.