Cosco's recent share price plunge was partly attributed to financial difficulties at one of its biggest client - Sevan Marine which is reportedly on verge of bankruptcy .. In March this year , Cosco signed a letter of intent with Sevan drilling for EPC and installation contracts for two of its trademark cylindrical drilling units ( see photos below ) , worth around US$525 million each, with an option for two more rigs.
According to Upstreamonline latest report on 27 May 2011 14:24 GMT , " High-powered Norwegian investor Jens Ulltveit-Moe has reportedly acquired a stake in floundering floating production outfit Sevan Marine. " ( see http://www.upstreamonline.com/live/article258825.ece for full article entitled 'White knight' rides in for Sevan ) . ********************************************************************************
According to Upstreamonline latest report on 27 May 2011 14:24 GMT , " High-powered Norwegian investor Jens Ulltveit-Moe has reportedly acquired a stake in floundering floating production outfit Sevan Marine. " ( see http://www.upstreamonline.com/live/article258825.ece for full article entitled 'White knight' rides in for Sevan ) . ********************************************************************************
Sevan in Happier Times ...
Sevan Driller at Cosco Yard in celebrative mood , ready for tow-away
( pic from http://www.arabianoilandgas.com/article-6094-straight_out_of_shanghai__offshore_drilling_first/ )
Sevan Driller arrived in Rio de Janeiro, Brazil on Saturday March 27, 2010 on 6-year contract to PetroBras.( pic from http://www.offshore-mag.com/index/article-display.articles.offshore.vessels.latin-america.2010.03.sevan-driller_arrives.QP129867.dcmp=rss.page=1.html )
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