Triyards Loses Shipbuilding Contract
By Aiswarya Lakshmi
Thursday, March 1, 2018
Cash-strapped shipbuilder Triyards Holdings Limited has received a termination notice for a chemical tanker design and construction deal.
The Singapore-based yard group said after Thursday trading hours that its subsidiary Saigon offshore Fabrication and Engineering has received notice of termination for the design and construction of a chemical tanker at a contract value of US$25.5 million.
"Pursuant to the Notice, the Buyer will claim for the reimbursement of all sums paid by the Buyer in advance on account of the Contract in an amount of US$5.1 million," said a statement.
No reasons were cited for the contract termination. But last December, Triyards had disclosed two other contract terminations due to a lack of funding to complete the vessels by the contracted delivery dates.
The Shipbuilding and repairing company is assessing the financial impact of the Termination Notice and the termination of the Contract. Further announcements will be made by the Company and the Board via SGXNET as and when there are any material developments.
It has also sought a two-month extension to announce its unaudited financial statements for the second quarter ended Feb 28, 2018.
The Company has a keen focus on shipbuilding, ship conversions, medium to heavy fabrication works and ship repairs. Over the years, TRIYARDS has diversified its offerings from offshore support vessels and liftboats to include research vessels, aluminium built security vessels, chemical tankers and windfarm service vessels.