Axis Offshore delays another flotel delivery

Axis Offshore, a provider of accommodation rigs or flotels servicing the offshore oil & gas industry, has postponed the delivery of its second flotel, the Axis Vega, being built by Cosco’s yard in China. 

The company informed on Monday it has agreed an amendment to the shipbuilding contract with Cosco (Qidong) Offshore for the Axis Vega.

According to the agreement, when the Axis Vega is completed, the rig will be laid up at the yard until further notice and latest August 20, 2017. During lay-up, Axis Offshore can take delivery of the Axis Vega at any time with short notice. Axis Vega was originally scheduled doe delivery on March 10, 2016.

Axis Offshore will as consideration waive all liquidated damages having accrued due to delay. The amendment also provides that any cancellation rights due to delay, will not be exercised prior to August 4, 2017.

“The agreement safeguards and strengthens Axis Offshore’s legal position in respect of the delay having occurred in construction of the Axis Vega, while maintaining commercial optionality through exclusive marketing rights for the vessel,” the company explained on Monday.

This is the second flotel that Axis Offshore had postponed at Cosco. To remind, the company in September informed it had further postponed the delivery of the Axis Nova flotel. The flotel will be laid-up at the yard until August 20, 2017.

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Executive Oil Conference & Expo 2019

Executive Oil Conference and Exhibition is a unique opportunity to meet with all of the region’s…

read more >

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation of both upstream and downstream oil and gas companies and also its supporting industries gathered in the heart of Vietnam’s oil and gas industry in Vung Tau, to showcase the latest developments in the oil and gas industry.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply