“The final delivery installment has been amended to $499.7m, representing 95% of the $526m contract price. Cosco will refund $26.3m, or 5% of the contract price, plus other associated costs within the fourth quarter 2016,” Sevan Drilling said in a statement.
The rig was originally due for delivery in April 2014, with the rig originally delayed until October 2014 due to significant delays in delivery of critical equipment from sub-contractors.
This gave Sevan Drilling the right to cancel the rig under the contract and delivery was delayed by 12 months until 15 October 2015. There were a further three options to delay the rig by a six months each, of which the third, and final has now been taken up.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.