New build 7037, which was ordered in May 2008 by Polar Marine I Pte Ltd, a 51/49 joint venture between GC Rieber Shipping and Otto Marine, has been cancelled due to significant delays.
The cancellation, which has been put forward by Polar Marine I in accordance with the contractual terms, is disputed. Polar Marine I is confident that the contract is rightfully cancelled.
The interim payment made by GC Rieber Shipping is covered by a refund guarantee, and thus the cancellation will have no negative financial impact for GC Rieber Shipping.
For further information, please contact:
CEO Sven Rong, phone +47 55 60 68 18, or +47 90 55 49 52
CFO Hans Petter Klohs, phone +47 55 60 68 24, or +47 90 75 05 26