Cosco: -3.0% to $1.94 in active trade, with a trader citing uncertainty over its orders from Sevan Drilling which may be at risk due to financial troubles at its parent Norwegian oil production equipment contractor Sevan Marine which recently spun off its drilling unit…..
Traders note that now Cosco may suffer due to Sevan, the trader says after Sevan Marine Thur said it had withdrawn a $275m financing issue and announced the resignation of Sevan Drilling's CEO for personal reasons. Anticipates being in breach of its minimum liquidity requirements by May 31 under an existing financing agreement.
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