Odfjell Cancels Newbuild Contracts

Thursday, February 21, 2008
In 2004, Odfjell placed contracts with the Russian Sevmash shipyard, located near Archangelsk, for up to twelve45,000 tdw IMO type II coated product/chemical carriers. The initial fixed total contract price for all twelve vessels was approximately $500 million, later increased to $544 million.

Following serious delays in the construction process, combined with demands for further price increases from the yard, continuous cooperation problems as well as protracted negotiations, Odfjell announced that it has decided to serve formal notice of cancellation to Sevmash. The instalments already paid are covered by standard refund guarantees from international banks. Odfjell will further claim full compensation for its costs and losses caused, as it claims willful misconduct and massive contract breaches by the yard.

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