Sevan Developer Construction Stopped

Sevan Drilling ASA, an international offshore drilling contractor, has entered into a standstill agreement with Cosco (Qidong) Offshore Co. Limited related to Sevan Developer’s construction contract.

Earlier in August, in the Q2 earnings report, the company mentioned significant delay in the delivery of Sevan Developer.

As stated in the report, the Company has been considering several options of which cancellation of the contract or negotiating a later delivery date.

Negotiations with Cosco will continue and the Company expects to conclude in the coming weeks.

September 22, 2014