COSCO SHIPPING International (Singapore) Co., Ltd. refers to the announcement s made on 15 April 2016 and 17 October 2016 in relation to the turn - key EPC (Engineering, Procurement and Construction) contract entered into between COSCO (Qidong) Offshore Co., Ltd (“ COSCO Qidong ”) with Sevan Drilling Rig VI Pte Ltd for the Sevan Developer.
As announced on 17 October 2016 , the delivery date of Sevan Developer was extended for a further 6 months up to 15 April 2017. The rigowner and COSCO Qidong intend to extend the deferral period to 30 June 2017 to allow the parties to continue negotiations. The other terms of the deferment agreement entered into on 15 October 2014 have not been amended. In view of the def erment and the uncertainty as to whether the rigowner will take delivery of the Sevan Developer, it is not possible to ascertain the financial impact of the agreement for deferment at this point in time.