Havyard has ditched a newbuilding contract with Fafnir Offshore after the owner failed to pay an additional pre-delivery instalment.
The shipyard said it would claim compensation for its losses and try to sell the $59m ship elsewhere.
Havyard and Fafnir mutually agreed to delay the vessel from March 2016 to June 2017 on condition that Fafnir would secure a long-term charter.
The Icelandic owner also agreed to pay an additional instalment to Havyard for the postponement of the platform supply vessel (PSV) but it failed to do so.
Havyard said its priority would be to reconstruct the ship for new purposes, while the cancellation would not have any direct impact on its financial results.
The goal is to complete and deliver the vessel to another owner in the second quarter of 2019, Havyard said.
