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    Vard stuck with Harkand dive support/construction vessel to dispose of

    Vessel & ROV News // May 9, 2016

    The Board of Directors of Vard Holdings Limited has confirmed that subsea and IMR specialist Harkand, which went into administration last week, did not take delivery of the newbuild dive support vessel (DSV) that one if its yards was building.

    In a statement, the company said it had been notified that Harkand Group has entered into administration, and noted that Harkand had a DSV/construction vessel under construction which was originally contracted in December 2013. It was due for delivery from Vard Søviknes in the second quarter of 2016. The vessel is at an advanced stage of construction.

    Vard said it is currently evaluating its position towards Harkand. "If the shipbuilding contract is unlawfully terminated by the customer, Vard will contractually be entitled to retain the advance payments already received, equivalent to 20 per cent of the original contract price, and to resell the vessel," said Vard. "The payments already received could facilitate a resale of the vessel."

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