COSCO offers update on Sevan 650 drilling unit

COSCO Corp. (Singapore) Ltd. reports that COSCO (Qidong) Offshore Co. Ltd. and Sevan Drilling Rig VI Pte. Ltd. (shipowner) have agreed to defer delivery date of Sevan Developer for 12 months, with options exercisable at six-month intervals, to extend the delivery date up to a total of 36 months from Oct. 15.

Offshore staff

SINGAPORECOSCO Corp. (Singapore) Ltd., referring to the turnkey engineering, procurement, and construction (EPC) contract entered into between COSCO (Qidong) Offshore Co. Ltd. with Sevan Drilling Rig VI Pte. Ltd. (shipowner), reports that the delivery of the drilling unit (Sevan Developer) was to take place in 2Q 2014. Sevan and COSCO Qidong have, however, agreed to defer delivery date of Sevan Developer for 12 months, with options exercisable at six-month intervals, to extend the delivery date up to a total of 36 months from Oct. 15.

The EPC contract will terminate at the end of each deferred period, unless extended by mutual agreement between Sevan and COSCO Qidong. It was also agreed that, while construction ofSevan Developer continues at COSCO Qidong’s shipyard during the deferred period, Sevan is able to continue to market Sevan Developer as part of its fleet.

10/20/2014

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