COSCO secures contract for new jackup rig, provides update on disputed drillship contract

Offshore staff

SINGAPORE –COSCO Shipyard Group Co. Ltd. has secured a contract valued at more than $180 million from an Asian company to build a jackup drilling rig. Delivery is scheduled for 3Q 2015.

Additionally, COSCO reports that COSCO (Dalian) Shipyard Co. Ltd., which, in 2010, had received a $500-million contract to build a DP-3 deepwater drillship for Dalian Deepwater Development Ltd. was served notice on Aug. 5 that the Dalian wants to terminate the contract based on alleged grounds of delay in the delivery of the vessel. The vessel is nearing completion, and the dispute has now gone into arbitration in London.

10/21/2013