Offshore Shipping Online

A publication for the offshore shipping industry published by Clarkson Research

  • Offshore Intelligence Monthly
  • Menu

    Axis Offshore amends contract for Axis Vega

    Vessel & ROV News // November 1, 2016

    Axis Offshore has agreed an amendment to the shipbuilding contract with COSCO (Qidong) Offshore Co Ltd for Axis Vega.
    When Axis Vega is completed, the semi submersible offshore accommodation unit will be laid up at yard until further notice and at the latest 20 August  2017. During lay-up, Axis Offshore can take delivery of Axis Vega at any time, at short notice.
    Axis Offshore will as consideration waive all liquidated damages having accrued due to delay. The amendment also provides that any cancellation rights due to delay, shall not be exercised prior to 4 August 2017.

    In a statement, Axis Offshore said: "The agreement safeguards and strengthens Axis Offshore's legal position in respect of the delay having occurred in construction of Axis Vega, while maintaining commercial optionality through
    exclusive marketing rights for the vessel."

    More articles from this category

    More news