Sources said Cosco’s decision to scrap the deal saw Fram Drilling close down its operations, having been formed with the sole purpose of pursuing construction of the two rigs.
“The deal is closed and Fram Drilling is dead,” said one source.
The Oslo-based company was incorporated last year by former senior executives from Sevan Drilling, headed by Fram chairman and chief executive Jon Helge Wilmann and chief operating officer Aasmund Erlandsen.
