Cosco Agrees to Defer Delivery of a Semisub Floatel to Axis Offshore

Cosco Corporation (Singapore) Limited that Cosco Qidong Offshore Co., Ltd., a subsidiary of its 51 percent owned unit Cosco Shipyard Group Co. Ltd., and Singapore-based Axis Offshore Pte Ltd. reached an agreement to defer delivery of a harsh environment semisubmersible flotel to 2016, the company reported Thursday.

"The Board wishes to announce that the Shipowner and Cosco Qidong have mutually agreed to extend the delivery date of the Rig, originally scheduled for delivery in 1Q 2015, until July 15, 2016 subject to certain terms and conditions," Cosco said in a press release.

Under the agreement, Axis Offshore can take delivery of the floatel at any time it is completed by giving to Cosco Qidong at least 30 days’ prior notice. Cosco added that Axis Offshore can choose not to take delivery of the floatel and exercise its rights to cancel the contract only after June 30, 2016.

Construction of the floatel is continuing at Cosco Qidong's shipyard in China.

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