The company said Dalian Deepwater Development asked it to terminate its July deal worth more than $500m for a DP3 deepwater drillship.
This was based on "alleged grounds of delay in the delivery of the vessel, the construction of which is substantially completed," the yard group said.
The shipowner followed this with a request for arbitration in London as it sought a refund of $110m with interest and damages on top
Dalian Deepwater rejected a proposal from Cosco to settle the matter earlier this month.
Cosco
