COSCO Nantong extends the time for delivery of the rig

COSCO Corporation (Singapore)  Limited refers to the company’s announcements on  26 May 2011 and 10 July 2015 in relation to the building contract to build two units of Jack-up Drilling Rig based on the LeTOURNEAU WORKHORSE®  Class design,  signed  between  COSCO  (Nantong)  Shipyard  Co.,  Ltd  and KS D rilling Pte Ltd.  The  owner and COSCO Nantong have mutually agreed to further extend, by way of a further  amendment  agreement,  the  time  for  delivery  of  the  undelivered  rig  bearing  hull  number  N408  (which  is  ready  for  delivery)  from  30  April  2016  until  31  December  2017,  on  mutually agreed terms and conditions. Either party remains entitled to sell the rig to a third  party if the offer could recover their respective costs, or the parties could negotiate in good  faith for a compromise solution to sell the rig.