Sevan Drilling still stalling Chinese rig delivery decision

Offshore drilling contractor Sevan Drilling needs more time to decide whether to further postpone the delivery of its Sevan Developer rig built in China.

Sevan ordered the cylindrical rig from Chinese shipbuilder Cosco in 2011. The rig was originally scheduled for delivery in the third quarter of 2014.

However, as the owner was unable to secure the contract for its new rig in a market overflowing with drilling rigs, the ready-for-delivery rig has been warm-stacked ever since it was built. The delivery has been deferred several times. The latest deferral was agreed in October last year and delivery set for April 2017.

Since the delivery still has not taken place, Sevan Drilling informed on Wednesday, May 31 that the delivery deferral agreement for the Sevan Developer was further deferred to June 30 in order to complete and finalize negotiations.

The rig owner added that other terms of the deferral agreement have not been amended, including the right to refund the final investment. Sevan has options to extend delivery deferral period through October 2017.

Offshore Energy Today Staff

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