Singapore offshore shipbuilder Triyards Holdings has not enjoyed the fruits of a diversification drive, with subsidiary Saigon Offshore Fabrication and Engineering receiving notices of termination from Swiss-Canadian Maritime for two chemical tankers ordered in 2015.
The total value of the contracts is $51m, and Swiss-Canadian Maritime is claiming the reimbursement of $10.2m in paid down on the order.
The vessels were due for delivery in 2017, but appeared to suffer from delays.
Triyards said it will continue its focus on strengthing its balance sheet, improving liquidity and streamling operations and estimates that the next 12 months will remain extremely challenging for the group.
