Vard Holdings has terminated a shipbuilding contract for one offshore construction and anchor handling vessel with Rem Offshore in return for compensation.
The contract with REM was struck last year in June 2014, and the vessel is already in the early stages of construction.
Delivery of the vessel was originally scheduled for Q1 2016, but delivery had previously been postponed until Q1 2018.
Vard said the agreement to terminate the shipbuilding contract is part of a restructuring plan agreed in principle between REM and its bank lenders, major bondholders, and main stakeholders.
As part of the compensation for the termination, Vard will receive shares equal to approximately 4% of the total issued shares in REM post the restructuring.
The shipbuilder is currently evaluating the financial impact which will be disclosed when the company announces the unaudited results for Q2 ending 30 June 2016.
Image of a Vard vessel, from Vard.
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