Fugro Cancels, McDermott Extends CSV Charter

The provider of geo-intelligence and asset integrity solutions for large constructions, infrastructure and natural resource, Fugro has cancelled a charter with Oceanteam for construction support vessel (CSV) Southern Ocean off Australia as the unit has been delayed while working on its current job off India.

Meanwhile, McDermott has awarded a charter extension to the Southern Ocean for operations offshore India.

"As a result of the cyclone hitting the Indian coast early May, expected scope of work undertaken by the CSV Southern Ocean could not be finalized during the charter period," said a press release from Oceanteam.

Both charterer (McDermott) and the Vessel owner, in concertation with next Charterer (Fugro), have agreed on an extension of the current charter to allow McDermott to complete its scope of work, it said.

All parties involved regret the situation that has arisen, which is beyond any parties’ control.

Unfortunately, as a result of the extension of the current Vessel charter, the CSV Southern Ocean cannot be delivered on the agreed delivery date for the Fugro charter in Australia as indicated in Company's press release dated 23 April 2019, said the release.

Therefore, Fugro has cancelled the subsequent charter agreement and has found alternatives to service its end-client. Parties had been working together to find mutually agreeable financial solutions.