“Further, it has been agreed that Cosco will refund $26.3m, or 5% of the contract price, plus associated interest to Sevan Drilling by 1 December 2015,” Norway’s Sevan Drilling announced in a statement.
“The final delivery instalment has been amended to $447.1m, representing 85% of the $526m contract price and can be amended further upon the expiration of the option period,” it said.
The company added that other terms and conditions under the deferral agreement dated 15 October 2014, including termination rights, remain unchanged.
The new rig, Sevan Developer, is being built at Cosco (Qidong) Offshore and had its delivery deferred for 12 months from 15 October last year, with options exercisable at six-month interval to further extend the delivery date up to a total of 36 months until October 2017.
Sevan Drilling and Cosco have earlier agreed to delay a decision over whether to exercise the first six-month extension.
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