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.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  OMV Petrom, Hunt Oil Start Experimenta... (Dec 9)
 -  Waitsia JV Approves 2017 Development A... (Dec 9)
 -  SapuraKencana: Short-Term Industry Out... (Dec 8)
 -  Oil Flows From Otakikpo Marginal Field... (Dec 8)
 -  Plexus: More Cuts Expected (Dec 8)


Most Popular Articles

From the Career Center
Jobs that may interest you
Omron/Amphion Driller
Expertise: Derrickman|Driller|Motorman
Location: Houston, TX
 
Omron/Amphion Motorhand
Expertise: Floorhand / Roughneck|Motorman
Location: Houston, TX
 
United States Odessa: Field Engineer - Cased Hole
Expertise: Casing
Location: Odessa, TX
 
search for more jobs

Brent Crude Oil : $54.33/BBL 0.81%
Light Crude Oil : $51.5/BBL 1.29%
Natural Gas : $3.75/MMBtu 1.35%
Updated in last 24 hours