According to Singapore-listed Chinese shipbuilder COSCO Corp it entered into an agreement yesterday with the Norwegian Sevan Drilling for constructing a couple of drilling units valued approximately at $525 million each.

A letter of intent for both the rigs had been signed in the month of March.

The deliveries of the drilling units will most likely arrive in Q4 of 2013 and in Q2 of 2014, successively.

The firm further revealed that the entirety of four vessel building contracts had been entered upon by them with the subsidiaries of Sevan Drilling ASA, one of the units of Sevan Marine.

Separately, according to COSCO, an effective $114 million contract had been signed by it with ATP Oil and Gas for establishing a topside module, a manufacturing unit for oil and gas that has been slated to be delivered in Q3 of
2013.

COSCO shares got affected the previous week following the breaking of news that Sevan Marine had done away with its planned $275 million rights issue and that it had been seeking for a restructuring since it could not fulfill its project liquidity or its financing needs.