The $200m drilling rig being built Cosco Guangdong being built for EDrill 3 Pte Ltd was originally due for delivery in Jun 2015. In the latest delivery has been deferred from 30 November 2016 to 30 November 2017.
“In view of the rescheduling and the uncertainty as to when the owner will take delivery of the rig, it is not possible to ascertain the financial impact of the agreement for rescheduling at this point in time,” said Singapore-listed Cosco Corp, which owns 51% of CSG.
It adds to a growing number of delivery delays and contract cancellations for CSG.
Meanwhile Cosco Corp reported a Q3 net loss of $102.3m, compared to loss of $82.1m in the same period a year earlier.
“It has been another difficult quarter for our industry. Persistent weakness in crude oil prices has taken its toll on the offshore marine industry and is showing no sign of letting up,” commented Gu Jing Song, vice chairman and president of Cosco Corp.
The group’s gross orderbook stands at $6.8bn with deliveries through to 2019, however, delivery delays and cancellations remain concern.
“The group’s gross orderbook includes several offshore marine engineering projects which have been substantially completed in construction but are yet to be delivered due to customers’ requests for extension of delivery. This orderbook continues to be subject to revision from any new, cancellation, variation or scheduling of orders that may arise,” it warned.
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