Cosco agrees with Asian client to delay jack-up delivery

  • Exploration & Production

Chinese offshore rig builder Cosco has agreed with an Asian client to delay the delivery of a newbuild rig by a year. 

Cosco’s Dalian shipyard secured a contract valued over $180 million from an unnamed Asian company to build a jack-up drilling rig in October 2013. The rig was initially scheduled for delivery in the third quarter of 2015.

Cosco informed on Friday that the owner and Cosco Dalian have mutually agreed to extend the delivery date of the rig from March 30, 2017 to March 30, 2018. The company explained that the extension was agreed upon taking into account the current unfavorable international marine market conditions.

The shipbuilder noted that due to 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.

Offshore Energy Today Staff

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