Mosvold Supply has cancelled the first of four anchor handling tug supply vessels on order at Indonesia’s Batamec shipyard.
Otto Marine, the owner of the shipyard, said Mosvold cancelled the contract for a 21,000bhp, VS 491 CD AHTS.
Under the contract, Mosvold was entitled to receive instalments of about $26m from refund guarantees and interest accrued.
The contract value for the construction of the third and fourth vessels is believed to be $167m.
The ship was due for delivery October 2009 while the contractual cancellation date was on 30 April 2010.