Singapore offshore vessel owner Ezra Holdings has cancelled orders for a pair of deepwater, multi-functional newbuildings at Karsmund Maritime Services.
Singapore offshore vessel owner Ezra Holdings has cancelled orders for a pair of deepwater, multi-functional newbuildings at Karsmund Maritime Services.
Ezra subsidiary Lewek Shipping has cancelled orders for two 27,000 bhp, multi-functional support vessels ordered at KMS, citing the Norwegian yard"s inability to meet the terms of the contracts.
The Singapore owner said the yard had informed them that: ?KMS will not be able to complete and deliver the vessels under and in accordance to the respective contracts signed?.
?As a result, Lewek is cancelling these contracts,? Ezra said.
The two vessels were ordered in September and October 2007 and were due for delivery in the first and second half of 2010 respectively. The two separate contracts were valued at S$162m and NOK 620m.
Ezra said that it was seeking refund of NOK 182m in payments it had made on the pair of newbuildings.
?Lewek is now in the midst of demanding the repayment of NOK 186m from the bank which provided refund guarantees in respect of the contracts,? Ezra said.
The Singapore company had ordered the vessels with a view to deploying them in the North Sea and West African markets.
Ezra said in late November last year it was reviewing its orderbook of five multi-functional support vessels due to the uncertainty arising from the financial crisis.
At the time, it cancelled a 30,000 bhp newbuilding at Keppel Singamarine ordered a cost of S$69m and expected to be delivered in 2010.
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