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Vard Holdings' client ends contract for newbuild vessel

Harkand Group is in administration; Vard says it will keep the advance payments Harkand has made and sell the vessel

Published Mon, May 9, 2016 · 09:50 PM
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Singapore

YARD group Vard Holdings announced on Monday that its UK-based client, Harkand Group, has terminated a contract for a newbuild diving-support and construction vessel (DSCV), valued at more than a billion Norwegian kroner (S$166 million).

The order cancellation came after Harkand, a subsea contracting group, entered into administration.

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