Sevan Drilling and Cosco have agreed to delay the delivery of an ultra-deepwater cylindrical semi-submersible rig.
In a statement, Sevan said the final delivery instalment has been amended to $473.4million.
It represents 90% of the $526million contract price and Cosco will refund $26.3million.
Cosco will refund the 5% of the contract price as well as other associated costs to Sevan Drilling by the end of next month.
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