The new agreement includes options exercisable at six-month interval, to extend the delivery date up to a total of 36 months from 15 October 2014.
The rig Sevan Developer was supposed to be delivered in the second quarter of this year by the Cosco yard but delays in the delivery of critical equipment from sub-contractors meant this did not happened and prompted Sevan Drilling to announce earlier that it might cancel the newbuilding.
The Chinese shipbuilding announced on Friday that an agreement has been reached for construction of Sevan Developer to continue during the deferred period, and the shipowner is also able to continue to market Sevan Developer as part of its fleet.
“In view of the deferment and the uncertainty as to whether the options will be exercised, it is not possible to ascertain the financial impact of the agreement for deferment at this point in time,” Cosco stated.
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