Cancellation of Shipbuilding Contract
With reference to the notice to Oslo Stock Exchange dated 30.12.2013 where Siem Offshore notified entry into shipbuilding-contracts with Remontowa Shipbuilding S.A. in Poland for four (4) dual fuelled Platform Supply Vessels ("PSVs") of VS 4411 DF design.
Siem Offshore has today cancelled PSV no. 3 in the series due to delay in the delivery. The Company is covered with Refund Guarantees from an international bank for all pre-delivery instalments made under the contract.