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March 23, 2009

Siem and Kleven agree two AHTS cancelations

Norway's Siem Offshore and Kleven Maritime have agreed to cancel two shipbuilding contracts for AHTS vessels for the mutual benefit of both parties. Capacity issues with major subcontractors as well as the general market turmoil were instrumental factors for both Siem Offshore and Kleven to arrive at this decision.

The canceled contracts had contractual delivery dates in August and September 2009, and represented two of ten shipbuilding contracts for AHTS vessels ordered by Siem Offshore.

The yard has confirmed that it expects to deliver the remaining AHTS vessels under construction on or about the contractual delivery dates. The pre-delivery instalments paid on the two canceled shipbuilding contracts will be off-set against remaining pre-delivery instalments on the remaining vessels.


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