Cosco Nantong to Delay Delivery of KS Orient Star 2 to End 2017

Singaopore-listed KS Energy Ltd. disclosed Thursday that its drilling division KS Drilling Pte Ltd. reached a new agreement with Cosco Nantong Shipyard Co. Ltd. -- a unit of Cosco Corp. (Singapore) Ltd.'s 51 percent owned subsidiary Cosco Shipyard Co. Ltd. -- to defer delivery of a newbuild jackup by 20 months to the end of 2017.

KS Drilling will now take delivery of the LeTourneau Workhorse Class design jackup, KS Orient Star 2 (400' ILC), with builder's hull number N408 Dec. 31, 2017, rather than April 30, 2016 -- which was the delayed delivery schedule after both companies amended the original timeline of first quarter 2014.

"In the spirit of partnership between KS Drilling and Cosco Shipyard, and in light of the currently unfavorable oil and gas market climate ... KS Drilling and Cosco Shipyard have agreed to extend the time for KS Drilling to take delivery," the company said in the press release.

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