Cosco extends delivery date of jackup rig for an Asian company

Delivery date would be moved to March 30, 2018.

Singapore shipbuilder Cosco Corporation extended the deadline for the delivery of a jackup drilling rig signed between its subsidiary Cosco Shipyard Co. and an undisclosed Asian company.

The group said both parties have mutually agreed to
extend the delivery date of the Rig from 30 March 2017 to 30 March 2018. This was agreed upon taking into account the current unfavourable international marine market
conditions.

"In view of the rescheduling and 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," Cosco said.

The group announced that it has snapped up the said deal back in October 17, 2013.