Saturday, 28 May 2011

危还是机 -- Danger or opportunity ? Will Cosco's Billion Dollar Sevan Dream crash into the sea or be rescued by ' white knight ' ? or is Cosco having even bigger "competitive disadvantage" problems than just Sevan ?

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 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

Sevan Driller arrived in Rio de Janeiro, Brazil on Saturday March 27, 2010 on 6-year contract to PetroBras.( pic from )




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