Vessel builder Vard is looking at its options concerning a Harkand diving support and construction vessel that is under construction at its yard, after Harkand went into administration last week.
Harkand has one diving support and construction vessel that is in an advanced stage of construction, which is set for delivery from Vard Søviknes in Q2 2016.
“The company is currently evaluating its position towards Harkand. If the shipbuilding contract is unlawfully terminated by the customer, VARD will contractually be entitled to retain the advance payments already received, equivalent to 20% of the original contract price, and to resell the vessel,” Vard said. “The payments already received could facilitate a resale of the vessel.”
The contract was awarded in December 2013.
Last week (4 May), UK-based subsea inspection, repair and maintenance firm Harkand went into administration, announcing that staff from Deloitte had been appointed joint administrators of Harkand Group and its subsidiaries.
The next day (5 May), a team led by AJ Jain, Harkand North America managing director, agreed to a management buyout of Harkand’s North American and African business. The new company, to be named Ethos Offshore, will continue to provide subsea engineering and construction services to Harkand’s existing US, Mexican and West African client base to market-leading standards.
Meanwhile, Siem Offshore terminated the charter party for the OSCV Siem Spearfish due to non-performance of the charterer’s obligation. The vessel had been on charter to Harkand.
Image from Harkand.
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