Chinese shipbuilder COSCO has delayed delivery of a cylindrical ultra-deepwater drilling rig by several weeks.
The delay, from 15 October to 1 November 2015, was agreed between COSCO and Norway-headquartered drilling contractor Sevan Drilling, so both parties could negotiate on the first six-month option period.
The rig, named Sevan Developer, was ordered by Sevan Drilling in May 2011 and was based on the same design as other rigs owned by the drilling contractor.
Under the contract, COSCO was to deliver the rig in October 2014. However, construction was delayed because of lack of equipment from subcontractors. At that time, delivery was put back by a year, with options exercisable at a six-month interval to further extend the delivery date up to a total of 36 months, until October 2017.
Because of the delay, COSCO runs the risk of being liable to pay compensation. In the meantime, Sevan Drilling is unable to fix a charter contract for the rig