Cosco Corporation announced that its subsidiary shipyard Cosco Guangdong had reached an agreement with an American owner to delay the delivery of two platform supply vessels (PSV) which were originally set for delivery in early 2014.

Under the agreement, the shipowner can elect to receive any one or both of the vessels at any time prior to June 30, 2016. The two vessels have been fully completed.

The American owner ordered four PSVs at the yard in March 2012, with two of the vessels delivered in December 2014 and February 2015.

Cosco Guangdong will refund the installments paid on the PSVs, US$5.4m per vessel, to the shipowner if the delivery is not taken.