TAS Offshore sheds more light on OSV contract loss

Malaysian builder of offshore vessels TAS Offshore has shed more light on the recently announced contract terminations for two offshore support vessels, following a query by the Bursa Malaysia.

To remind, the company last week only said its subsidiary TA Ventures had received the notice of termination from QMS1 Offshore Services for the for two anchor handling tug oil recovery supply vessels.

In an updated statement on Wednesday, after Bursa Malaysia asked for more details, TAS Offshore said the contract price for each vessel was $13.5 million.

Under the agreement, the vessels were to be delivered on 27 December 2015 and 26 February 2016 respectively. Both vessels were built by China contract builder, TAS Offshore added.

According to the info, both vessels were ready to be handed over to the buyer within the agreed timeline, however the buyer decided not to take the delivery, citing technical and quality issues. TAS Offshore said it “strongly” disagrees with the claim.

The shipbuilder said the termination notice arrived via e-mail on March 2, 2016.

Asked by the Bursa Malaysia if the contract termination would have any operational impact on the group, TAS Offshore said it didn’t expect any major operational impact to the Group.

Going forward, TAS Offshore said it would enforce its rights under the contract and will take necessary measures to protect TAS interests.

Offshore Energy Today Staff

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