Cosco Qidong yard delays delivery of Axis Offshore rig

The rig, Axis Vega, was originally scheduled for delivery from the Chinese yard on 10 March 2016, and the delivery is now extended to 20 August 2017.

“In connection with such extension, the shipowner can take delivery of the rig at any time earlier than 20 August 2017 by giving written notice to Cosco Qidong,” announced Cosco Corporation (Singapore) Limited.

Cosco Qidong is a subsidiary of Cosco Corp (Singapore)’s 51% owned subsidiary, Cosco Shipyard Group.

“The shipowner has waived all liquidated damages having accrued due to delay and agreed not to exercise any cancellation rights due to delay of the shipbuilding contract prior to 4 August 2017,” Cosco Corp (Singapore) stated.

The rigbuilding deal was inked in September 2013.

Separately, Cosco Qidong was hit by a contract cancellation over the construction of a floating accommodation unit (FAU), ordered by a Singapore entity. The yard also extended the delivery date of one semi-submersible accommodation vessel for Norway’s Prosafe, from delivery in 2016 to 31 December 2019.