Vard Holdings' client ends contract for newbuild vessel

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.

Vard said it is evaluating its position on Harkand. It said in an announcement to the Singapore Exchange: "If the shipbuilding contract is unlawfully terminated by the customer, Vard will cont…