Cosco faces loss of $1bn rig contract from Sevan

Shipbuilder Cosco Corp could suffer from a $1.05bn loss of contract to build two oil rigs from its customer Sevan Marine, which is currently facing severe financial difficulties. The Norwegian oil services group Sevan Marine said on Thursday it had cancelled its planned $275m rights issue and was seeking restructuring as it could not meet its project liquidity and financing requirements.
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Source: Seatrade Asia