KS Drilling further delays taking delivery of new rig from Cosco yard

KS Drilling and the Cosco shipyard have agreed to extend the delivery of the new rig from 30 April 2016 until 31 December 2017, KS Energy, parent firm of KS Drilling, announced to the Singapore Exchange.

KS Energy said the decision to delay taking delivery of the ri was “in light of the currently unfavourable oil and gas market climate”.

The rig was ordered way back in May 2011 and the rig had been ready for delivery in July 2015, when KS Drilling requested for a first delay.

Last year, KS Drilling and Cosco shipyard agreed that either party can sell the rig if both parties can recover their respective costs from the sale.