Sevan Drilling has amended the delivery deferral period for the Sevan Developer cylindrical drilling rig until 30 June 2020, effective upon receipt of US$25.3 million plus interest from Cosco (Qidong) Offshore Co. Ltd. (Cosco).
Sevan says that the receipt is expected by 31 July 2017. During the extended delivery deferral period, Sevan may continue marketing the rig for an acceptable drilling contract where financing could be secured to allow delivery.
Cosco now has the option to terminate the deferral period agreements on 1 July 2018 and again on 1 July 2019, which would require Cosco to refund the remaining $1 million investment balance to Sevan. Other terms and conditions under the deferral agreement dated 15 October 2014 remain unchanged, says Sevan.
The Sevan Developer has been delayed numerous times, dating back to 2014.
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