Vard confirms cancellation of ER Offshore newbuildsYard News // March 16, 2015
The Board of Directors of Vard Holdings Limited has confirmed that on 12 March 2015 the company was notified that two affiliates of E R Offshore have filed for insolvency at a local court in Germany.
The company's subsidiary is currently constructing one PSV for each of the companies at its shipyard in Vung Tau, Vietnam. It has received a 10 per cent installment for one of the vessels.
On 13 March 2015 the group terminated the two shipbuilding contracts. The group does not expect to repay the prepayment received, and expects to be able to sell the vessels at a price that will cover the expected construction cost less the prepayment received.