COSCO Nantong extends the time for delivery of the rig
COSCO Corporation (Singapore) Limited refers to the company’s announcements on 26 May 2011 and 10 July 2015 in relation to the building contract to build two units of Jack-up Drilling Rig based on the LeTOURNEAU WORKHORSE® Class design, signed between COSCO (Nantong) Shipyard Co., Ltd and KS D rilling Pte Ltd. The owner and COSCO Nantong have mutually agreed to further extend, by way of a further amendment agreement, the time for delivery of the undelivered rig bearing hull number N408 (which is ready for delivery) from 30 April 2016 until 31 December 2017, on mutually agreed terms and conditions. Either party remains entitled to sell the rig to a third party if the offer could recover their respective costs, or the parties could negotiate in good faith for a compromise solution to sell the rig.
