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Swiber hit with Vietnam contract cancellation

Swiber hit with Vietnam contract cancellation
Singapore-listed offshore vessel owner Swiber has been hit by contract cancellation in Vietnam.

In reply to queries from the Singapore Exchange Swiber said that a contract for transport and installation services for full field development off Vietnam announced on 7 June this year had been cancelled.

Swiber said it had received a letter of cancellation on 18 July and was disputing the termination of the contract. It said the contract, which was due to be completed in the third quarter of this year was $21m.

The vessel Swiber Kaizen 4000 was to have been deployed on the project.