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Vard exposed to Harkand bankruptcy

Vard exposed to Harkand bankruptcy
Offshore shipbuilder Vard has a nearly completed newbuilding that was scheduled for delivery in the second quarter of this year to bankrupt Harkand Group.

The subsea group Harkand went into administration three days ago and Vard said it had a diving support and construction newbuilding that was in an “advanced stage of construction” on order from the company.

“The company is currently evaluating its position towards Harkand,” the Singapore-listed shipbuilder said in a statement.

Vard has received deposits equivalent to 20% of the price of the vessel. The contract signed in December 2013 was said to be worth in excess of NOK1bn ($122m).