Singapore shipbuilder Triyards Holdings has announced that its Vietnamese subsidiary yard Saigon Offshore Fabrication and Engineering has received a notice of termination for a chemical tanker ordered at the yard.
The vessel is part of three chemical tankers ordered by Swiss-Canadian Maritime in 2015. The other two vessels have already been cancelled by the owner in December 2017.
The value of the contract is $25.5m and Swiss-Canadian Maritime is claiming the reimbursement of $5.1m in advanced payment.
Triyards, which hired advisors last year to help come up with a restructuring plan, is now assessing the financial impact of the contract termination.