Another delivery delay for semi-sub Sevan Developer

Offshore drilling contractor Sevan Drilling and China’s Cosco shipyard have agreed to exercise the second six-month option to delay the delivery of Sevan’s newbuild rig, the Sevan Developer. 

Sevan Drilling and Cosco have agreed to exercise the second six-month option to extend the deferral agreement to October 15, 2016. The delivery was previously delayed in October 2015 when it was pushed back to April 15, 2016.

According to the drilling contractor, the final delivery instalment has been amended to $473.4 million, representing 90% of the $526 million contract price and Cosco will refund $26.3 million, or 5% of the contract price, plus other associated costs to Sevan Drilling by May 25, 2016.

The agreement can be amended further upon the expiration of the option period, Sevan said.

Further, the company added, other terms and conditions under the deferral agreement dated October 15, 2014, including termination rights, remain unchanged.

To remind, Sevan Drilling entered into an agreement with COSCO for the construction of Sevan Developer in May 2011. The rig, of cylindrical hull design, was originally scheduled for delivery in the third quarter of 2014.

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