Hallin closure sparks arbitrationCompany News // November 10, 2014
Seabrokers reports that the closing down of Hallin Marine has resulted in four cancelled projects and arbitration proceedings for a newbuild multiservice semi, CSS Derwent, which has been cancelled at DryDocks World.
The original order for the newbuild was placed in 2010 at a cost of up to US$110 million. Following Superior Energyís decision to close down Hallin in early October,
current projects with a combined value of around US$23 million have been cancelled.
Hallinís 2006-built support vessel Carlisle has been working on a project in Vietnam while two other units, Ullswater and Windermere, have been operating in Malaysia.
Two deals in the United Arab Emirates and Malta that were due to start in the first quarter of 2015 have also been cancelled.
Superior Energy has had Hallin up for sale since February after buying the company for US$162 million in 2010. It remains unclear if Superior will sell Hallinís fleet.