Reference is made to the stock exchange announcement on 3 January 2017 regarding the cancellation by Havyard Ship Technology (“HST”) of the original shipbuilding contract for hull no. 126, a platform supply vessel initially ordered by an Icelandic customer (the “Vessel”).
HST has now entered into a new shipbuilding contract with a foreign customer for the completion and delivery of the Vessel (the “Contract”), which will basically constitute a completion of the original project with some minor modifications. Delivery of the Vessel is planned to take place in April 2020.
Net profit for the project is calculated to be low, but the Contract will provide an immediate liquidity effect due to re-allocation from stock values to cash from advance payments.