Norway’s Sevan Drilling has still not yet revealed the result of talks with a Chinese shipyard over the possible cancellation of a contract for the construction of a newbuild deepwater rig.

Sevan said earlier in September it had finalised a “standstill” agreement with Cosco (Qidong) Offshore Co. Ltd. over the construction of the Sevan Developer. This was after previously indicating in its second-quarter earnings statement in late August that it was considering several options for the rig.

The options at that time included the cancellation of the contract or a later delivery date. In its second quarter earnings results it described the delay in the delivery of the rig as “significant”. Although saying then that it expected to conclude the negotiations over the coming weeks, nothing has yet emerged as of early October.

Offshore