Cosco Guangdong Agrees to Defer Delivery of 2 PSVs to U.S. Firm to Mid-2016

Cosco Corporation (Singapore) Limited reported Thursday that Cosco (Guangdong) Shipyard Co., Ltd., a unit of its 51 percent owned subsidiary Cosco Shipyard Group. Co. Ltd., agreed with an unnamed American ship owner to extend the delivery of two Platform Supply Vessels (PSVs) to mid-2016.

Cosco Guangdong signed contracts with the U.S. firm in March 2012 to construct four UT 771 CDL PSVs for a total of $105 million, with two of the PSVs delivered in December 2014 and February 2015, respectively.

"The Shipowner and Cosco Guangdong have mutually agreed to extend the delivery dates of the remaining two PSVs, originally scheduled for delivery in early 2014, until June 30, 2016 subject to certain terms and conditions. To-date, construction of the two PSVs has been significantly completed," Cosco said in a press release.

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