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Cosco delays delivery of jack-up rig by a year

Cosco delays delivery of jack-up rig by a year
Cosco (Dalian) Shipyard has agreed the delay of delivery of a jack-up rig, the latest in a series of delays by the Chinese shipbuilding group.

The rig ordered in 2013 by an undisclosed Asian owner and due to be delivered on 30 March this year has been delayed by one year to 30 March 2018.

“The extension was agreed upon taking into account the current unfavourable international marine market conditions,” Cosco, which owns 51% of the shipyard said in a statement to the Singapore Exchange.

“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.”

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