Cosco extends delivery deferral period for Sevan Developer

The deadline is extended until June 30.

Cosco Shipping announced that the delivery deferral period for Sevan Developer has been extended until June 30, 2020. 

According to a media statement, this will be upon the refund of a sum of US$25.3m plus interest by COSCO Qidong for such deferral to be effective.

During the extended delivery deferral period, the rig owner may continue to market the rig for a drilling contract, while COSCO Qidong has the option to terminate the deferral period on July 2018 or July 2019.

"If COSCO Qidong elects to terminate the deferral period, it has to refund the remaining balance of US$1m already paid by the rig owner plus interest to the rig owner," Cosco said.