Hallin cancels subsea operations vessel

Singapore-based Hallin Marine Subsea International has backed out of a contract after the shipyard was unable to secure refund guarantees. Shipbuilder Marco Polo Marine in Batam confirmed that the $51 million contract for an 80m long DP2 subsea operations vessel has been terminated.

“The shipbuilder has been unable to complete the necessary repayment guarantees required, as a consequence of which, the build contract has lapsed,” said John Giddens, Chief Executive of Hallin Marine. Hallin has another newbuild currently under construction at the Singaporean yard of Drydocks World which is slated for delivery in March 2010.

Notwithstanding this cancellation, the Indonesian shipbuilder and Hallin Marine are reviewing their respective options in the light of the world current economic turmoil, including the possible re-negotiation of the contract should the conditions concerned be met.