Cosco Qidong re-extends delivery date of new rig to Axis Offshore

The harsh environment rig Axis Nova, previously scheduled for delivery on 15 July 2016, will now be delivered on 20 August 2017, according to an announcement by Cosco Corporation (Singapore) Limited, majority shareholder of Cosco Shipyard Group which owns Cosco Qidong.

“Under the agreement, the shipowner can elect to take delivery of the rig (construction of which has now been completed) at any time during the extension period by giving Cosco Qidong not less than 80 days’ prior written notice,” Cosco Corp stated.

“In the event that the shipowner elects not to take delivery of the rig and exercises its right to cancel the building contract, the shipowner shall not exercise such right prior to 4 August 2017,” it added.

Singapore-listed Cosco Corp said it is not yet possible to ascertain the financial impact of the agreement for rescheduling at this point in time.