Dalian Developer (Dalian Deepwater Developer Ltd) (Drillship)

Dalian Developer Ltd look to cancel construction of the 'Dalian Developer' drillship

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17 October 2013

Dalian Developer Ltd the owner of the under construction 'Dalian Developer' drillship that is currently being constructed at COSCO Corporation’s shipyard in Dalian, China issued a termination notice to cancel the construction of the unit on the 5th August 2013. The reason for the issuing of cancellation is due to the continued delay in delivery of the rig from the shipyard, with Dalian Developer Ltd also asking for the return of a US$110 million advance that was paid towards the construction of the rig. The ‘Dalian Developer’ was due to be delivered in late 2013 from the shipyard with a number of potential buyers interested in the unit, however it is now unclear what will happen to the drillship.

Source: http://cosco.listedcompany.com/newsroom/20131017_182537_F83_624C50DCB8AC6A4448257C07002DD16C.1.pdf

More News for Operator: Dalian Deepwater Developer Ltd

4 Sep 2015

COSCO announces ruling on the 'Dalian Developer' case

The Board of Directors (“Board”) of COSCO Corporation (Singapore) Limited ( “COSCO”) refers to the announcement on 17th October 2013 in relation to the DP3 Deepwater Drillship construction contract (the “Contract”) between COSCO (Dalian) Shipyard Co., Ltd (“COSCO Dalian”) (a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd) and Dalian Deepwater Developer Ltd (the “Shipowner”). The Shipowner had served a notice of termination and submitted a request for arbitration in London. The Board wishes to announce that an arbitration award has now been issued. The arbitral tribunal has ruled that COSCO Dalian, having repaid to the Shipowner the first instalment together with interest thereon is not liable to the Shipowner for any further liabilities. COSCO will make announcements of any material development in relation to the DP3 Deepwater Drillship at the appropriate junctures.

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