Cosco Corp keeps pushing back deliveries of newbuildings as it announced the delay of a $180m jackup drilling rig.
The Singapore-listed shipbuilder has reached a mutual agreement with an Asian company to stretch the delivery date of the unit from 30 March 2017 to 30 March 2018.
Its subsidiary Cosco Dalian won the contract from the unnamed company in 2013 for a total price of more than $180m.
The drilling rig was initially scheduled for delivery in the third quarter of 2015 but it was delayed once again.
Cosco Corp said the latest decision for another delay was made after "taking into consideration unfavourable international marine conditions.”
And there is still uncertainty as to when the owner will take delivery of the rig.
Over the past three months the shipbuilder has delayed or cancelled four newbuildings.
