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    Deep Sea Supply cancels newbuilding

    News // March 5, 2009

    Deep Sea Supply has cancelled a contract with Jaya Shipbuilding and Engineering Pte Ltd (Jaya) pursuant to which Deep Sea Supply was to take delivery of Hull No 875 tbn Sea Hawk 1.

    The cancellation is based on substantial delays beyond the revised, contractual delivery date.

    Deep Sea Supply had made pre-delivery instalment payments to Jaya in the amount of US$3.6 million, which is to be refunded in full.

    Deep Sea Supply had not entered into any contract in anticipation of delivery of the vessel, and therefore is not exposed to any non-performance claim.

    The latest information available suggests that another newbuild for the company, Hull No 878 (tbn Sea Eagle 1) will be delivered by Jaya in April 2009 as scheduled.


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