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Sevan, Cosco Agree Rig Delivery Delay

Maritime Activity Reports, Inc.

October 16, 2015

 Norway-headquartered drilling contractor Sevan Drilling and Chinese shipbuilder 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.

In May 2011, Sevan Drilling entered into a contract with Cosco for the construction of Sevan Developer, based on the same design as other Sevan Drilling rigs.
Sevan Drilling announced that the agreement is for both parties to “continue negotiations of the first six-month option period.”
Under the contract, COSCO was to deliver the rig in October 2014. However, construction was delayed because of lack of equipment from subcontractors.
At that time, delivery was put back by a year, with options exercisable at a six-month interval to further extend the delivery date up to a total of 36 months, until October 2017.
Because of the delay, COSCO runs the risk of being liable to pay compensation. In the meantime, Sevan Drilling is unable to fix a charter contract for the rig.
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