Vard resells subsea vessel left by Harkand bankruptcy

Norwegian shipbuilder Vard has announced that it has signed an agreement with an unnamed buyer for the sale of a diving support and construction vessel which was originally ordered by the now bankrupt London-based subsea operator Harkand Group.

Harkand Group ordered the vessel at the end of 2013 and went bankrupt in 2016. Vard has now cancelled the original contract with Harkand’s administration to facilitate entering into the new agreement.

According to Vard, the sale of the vessel will allow the company to reduce the capital employed by eliminating a vessel from its inventory and reduce its liabilities by reimbursing the related construction loan with a direct benefit from lower financial charges going forward.

Delivery of the vessel is scheduled from Vard Søviknes in Norway in the first quarter of 2019.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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