30 May '11, 8am

DTN Singapore: S'pore-listed COSCO secures multi-million dollar contract with Sevan: SINGAPORE: Mainboard-listed...

DTN Singapore: S'pore-listed COSCO secures multi-million dollar contract with Sevan: SINGAPORE: Mainboard-listed...

SINGAPORE: Mainboard-listed COSCO Corporation said it will undertake the construction and delivery of two drilling rigs worth US$525 million each for Norway's Sevan Drilling. In a statement to the Singapore Exchange, COSCO said it has "made effective" formal agreements entered into with Sevan in March. The two rigs are expected to be delivered to the Norwegian oil production equipment contractor in the fourth quarter of 2013 and the second quarter of 2014. COSCO also issued a statement to clarify reports last week that the contracts it has entered into may be delayed or possibly cancelled due to financial troubles at Sevan Drilling's parent company Sevan Marine. The firm said its contracts were with Sevan Drilling and not the parent company. It added that the payments so far for the contracts with Sevan Drilling for four vessels are on schedule. Separately, Cosco also said...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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