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Vard terminates PSV orders made by ER Offshore

Vard terminates PSV orders made by ER Offshore
Vard Holdings has terminated the shipbuilding contracts for two PSVs ordered by two affiliates of ER Offshore as the vessel buyers have filed for insolvency at a German court.

Vard said that it has received a 10% installment for one of the two vessels. The shipbuilder is currently constructing the PSVs at its shipyard in Vung Tau, Vietnam.
“On 13 March 2015 the group terminated the two shipbuilding contracts. The group does not expect to repay the prepayment received, and expects to be able to sell the vessels at a price that will cover the expected construction cost less the prepayment received,” Vard said.
It added that the impact of the termination and proposed resale is not expected to have an effect on its earnings for the financial year ending 31 December 2015.