Cosco Delays Delivery Of Axis Offshore Rig

The delivery is extended to August 20, 2017.

Cosco Corp Singapore's unit Cosco Quidong has come to an agreement with Axis Vega Singapore to extend the delivery date of the offshore rig to August 20, 2017 from originally scheduled March 10, 2016.

Axis Vega has waived all liquidated damages having accrued due to delay and agreed not to exercise any cacellation rights due to delay of the shipbuilding contract prior to August 4, 2017.

In view of the rescheduling and the uncertainty as to when Axis will take delivery of the rig, Cosco said that it is not possible to ascertain the financial impact of the rescheduling at this point in tume.

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