Cosco to Supply Drill Rigs for Sevan

31 May 2011 (Last Updated May 31st, 2011 18:30)

Cosco Shipyard has received orders from Sevan Drilling to supply two cylindrical ultra-deepwater drilling rigs worth $525m each. The contract follows a letter of intent signed in March 2011 for the rigs to be built at Cosco's Nantong shipyard and their design to be based on the Sevan 65

Cosco Shipyard has received orders from Sevan Drilling to supply two cylindrical ultra-deepwater drilling rigs worth $525m each.

The contract follows a letter of intent signed in March 2011 for the rigs to be built at Cosco’s Nantong shipyard and their design to be based on the Sevan 650.

According to the payment terms, a 20% down payment will be made, with the remaining 80% to be paid on the delivery of the rigs.

Delivery of the rigs is scheduled for the fourth quarter of 2013 and the second quarter of 2014.