Triyards Loses Shipbuilding Contract
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.
Triyards Loses Two Shipbuilding Contracts
Triyards Holdings, the offshore marine division of Ezra Holdings, has swung deep into the red following the termination of two shipbuilding contracts worth some $51 million. "The Board of Directors of Triyards Holdings wishes to announce that its wholly owned subsidiary, Saigon Offshore Fabrication and Engineering Limited, has received notices of termination of the two shipbuilding contracts dated 26 June 2015 and the addendum dated 10 May 2017 for the design and construction of two units of chemical tankers of an aggregate contract value of US$51 million from the purchaser of the chemical tankers," said a statement from the company. The customer is claiming reimbursements of all sums paid in advance amounting to about US$10.2 million, said the press release.
