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    Rieber Shipping cancels newbuild

    Vessel & ROV News // November 6, 2009

    GC Rieber Shipping has announcd that it has cancelled its newbuild 7038, which was ordered in May 2008 by Polar Marine II Pte Ltd, a 51/49 joint venture between GC Rieber Shipping and Otto Marine.

    GC Rieber Shipping said the vessel had been cancelled "due to significant delays." 
    The cancellation, which was made by Polar Marine II in accordance with contractual terms is, however, being disputed by the yard, and arbitration is expected.

    An interim payment (20 per cent of the contract price) is covered by a refund guarantee.


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