Norwegian yard Havyard has cancelled a PSV newbuild contract with Iceland’s Fafnir Offshore after the owner failed to make an additional pre-delivery payment which was part of an agreement to delay delivery of the vessel.
Fafnir Offshore ordered the platform supply vessel at Havyard in April 2014, while in December 2015 the two parties agreed to postpone delivery from March 2016 to June 2017.
Havyard said that Fafnir Offshore has not managed to secure long-term employment for the vessel, leading to issues with financing.
Havyard said it would seek to claim further compensation for its losses and market the vessel for an alternative sale.