Cancellation of two shipbuilding contracts for AHTS vessels

Siem Offshore and Kleven yard has agreed to cancel two shipbuilding contracts for AHTS vessels for the mutual benefit of both parties. Capacity issues with major subcontractors as well as the general market turmoil were instrumental factors for both Siem Offshore and Kleven yard to arrive at this decision.

 The cancelled contracts had contractual delivery dates in August and September 2009, and represented two of ten shipbuilding contracts for AHTS vessels ordered by Siem Offshore. 

 
The yard has confirmed that it expects to deliver the remaining AHTS vessels under construction on or about the contractual delivery dates. The pre-delivery instalments paid on the two cancelled shipbuilding contracts shall be off-set towards remaining pre-delivery instalments on the remaining number of vessels.
 
For further information:
 
Terje Sorensen
Chief Executive Officer
Siem Offshore Inc.
+47 91 31 61 64

Published 23-03-2009 in the Investor category
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