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.

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