NYSE-listed Gulfmark Offshore has delayed the delivery of a newbuilding under construction at Norway’s Simek shipyard by 11 months.
The vessel, which is being built for use in the North Sea, will now hit the water in January 2017 rather than in February 2016, as previously scheduled.
The company did not disclose the specific vessel to be delayed, but shipyard data shows Gulfmark has a 4,700-dwt platform supply ship on order at the Simek yard, which is located at Flekkefjord. The contract was signed in April 2014.
Gulfmark has already paid 20% of the contract price (around $8.25m) and says it has rescheduled the remaining payments.
Rather than making the planned balloon payment of $33m on delivery, Gulfmark says it will pay approximately $2m this quarter, $5m in the first quarter of 2016, $4m in the second quarter and $22m in the first quarter of 2017 upon the vessel’s delivery.