Icon Offshore JV terminates shipbuilding contractVessel & ROV News // October 13, 2015
Icon Offshore Bhd's joint venture (JV) company Icon-FOB Holdings (L) Inc has signed a letter of agreement to terminate a shipbuilding contract with Danish Yachts.
Bernama reports that Icon-FOB and Danish Yachts had mutually agreed to terminate the contract due to failure by the latter to construct the vessel in accordance with the technical specifications under the contract. The company made a filing to the Bursa Malaysia to that effect.
Under the terms of the letter of termination, Danish Yachts was to refund all payments disbursed by Icon-FOB by 8 October 2015.