COSCO Corporation (Singapore) said rigowner Sevan Drilling Rig VI and subsidiary COSCO Qidong have agreed to exercise the second option to extend the delivery date of Sevan Developer for a further six months of up to Oct 15.
The first option to extend the delivery date was agreed between rigowner and COSCO Qidong on Nov 2 2015 for six months up to April 15.
COSCO Qidong is required to refund to the rigowner the sum of US$26.3 million (being 5% of the contract price) plus interest, by May 25. The final payment for the contract has also been amended from 85% of the contract price to 90% of the contract price of US$526 million ($715 million) amounting to US$473.4 million and can be amended further upon the expiration of the option period.
“In view of the deferment and the uncertainty as to whether the remaining options will be exercised, it is not possible to ascertain the financial impact of the agreement for deferment at this point in time,” says COSCO in its SGX filing.
COSCO last traded at 35 cents.
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The first option to extend the delivery date was agreed between rigowner and COSCO Qidong on Nov 2 2015 for six months up to April 15.
COSCO Qidong is required to refund to the rigowner the sum of US$26.3 million (being 5% of the contract price) plus interest, by May 25. The final payment for the contract has also been amended from 85% of the contract price to 90% of the contract price of US$526 million ($715 million) amounting to US$473.4 million and can be amended further upon the expiration of the option period.
“In view of the deferment and the uncertainty as to whether the remaining options will be exercised, it is not possible to ascertain the financial impact of the agreement for deferment at this point in time,” says COSCO in its SGX filing.
COSCO last traded at 35 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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