Norway's Havyard has found a buyer for an unwanted platform supply vessel (PSV) originally contracted in 2014.
Hull 126, listed as the 4,250-dwt Fafnir Viking by Clarksons, was ordered by Iceland's Fafnir Offshore.
It was cancelled in 2017 after the owner failed to pay an additional pre-delivery instalment.
Havyard has now agreed a new shipbuilding contract with an overseas client for completion and delivery, with some minor modifications.
Delivery is set for April 2020.
Demand for PSVs is rising as markets improve, with ships being brought out of layup. Cancelled vessels give owners another way to expand fleets without embarking on new orders.
"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," Havyard said.
In 2017, the shipyard said it would claim compensation for its losses and try to sell the $59m ship elsewhere.
Havyard and Fafnir had previously agreed to delay the vessel from March 2016 to June 2017 on condition that Fafnir secured a long-term charter.
The intention at that time was to have the ship ready for another owner in the second quarter of 2019.
