Havyard cancels subsea vessel contractYard News // March 11, 2016
Referring to an announcement dated 27 October 2015 regarding an agreement to postpone delivery of its newbuilding number 123, Havyard in Norway says that, in light of the continued challenges in the offshore market internationally, Havyard Ship Technology and the buyer of the vessel have signed an agreement for cancellation of the deal. The agreement involves payment of compensation to Havyard.
The vessel was originally due to be delivered in the second quarter of 2018, and will therefore have no affect on liquidity and profits at Havyard Ship Technology for the financial year 2016.
The cancellation will, however, lead to a lower level of activity and a small margin loss in Havyard Design & Solutions AS for 2016.