Sevan Drilling and Cosco have agreed to amend the termination rights of the construction contract for the Sevan Developer drilling rig and defer the delivery date.
Delivery is deferred for 12 months with mutually agreed options, exercisable at 6 month intervals, to extend the delivery date for up to a total of 36 months from 15 October 2014. The agreement will terminate at the end of each deferral period, unless the option to extend is mutually agreed by both parties. If termination should occur, Sevan is entitled to a refund of its instalments less any agreed costs.
