Subsea contractor goes under

A priority will be to find a buyer for its flagship Ceona Amazon, delivered by shipbuilder Lloyd Werft, Bremerhaven, in 2014 and hailed as a game-changing deepwater subsea-tie-back and field development asset.

A signal that all was not well at Ceona came on September 4 when Norway’s GC Rieber Shipping said it had terminated a five year charter entered into in March 2014 with Ceona Chartering (UK) Ltd for the subsea vessel Polar Onyx, “by reason of Ceona’s default.”

GC Rieber said Ceona had provided security, in the form of cash deposit in a Norwegian bank, equivalent to nine month’s hire, and that it would seek to recover outstanding and future claims and losses through the cash deposit. In addition, said GC Rieber, it would seek to recover excess amounts through Ceona.

Ceona Ship Holdings Limited, Ceona Ship 1 Limited, Ceona Equipment Limited, Ceona Services (UK) Limited, Ceona Chartering (UK) Limited, Ceona Contracting (UK) Limited and Ceona Investments Limited are being administered by insolvency pactitioners Alan Robert Broom, Alan Michael Hudson and Colin Peter Dempster,

Ceona Crewing Ltd and Ceona Holdings Ltd are being administered by Stuart Arthur Gardner and Mr. Hudson

Seadrill cancels rig order at Hyundai Heavy

The unit was ordered during the second quarter of 2012 and the delivery date stated in the construction contract was by December 31, 2014.

“Due to the shipyard’s inability to deliver the unit within the timeframe required under the contract, the company has exercised its cancelation rights,” says Seadrill, which notes that, under the contract terms, it has the ability to recoup its $168 million in pre-delivery installments to the shipyard, plus accrued interest.

In fourth quarter 2012, Seadrill was awarded a five year contract for the West Mira with Husky Oil Operations for operations in Canada and Greenland.

In its second quarter earnings report, Seadrill reported that, due to the late delivery of West Mira, the company had tentatively agreed with Husky to reduce the dayrate of the West Mira drilling contract.

Seadrill says it remains in discussions with Husky to find an alternative solution to meet its drilling requirements.

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