Rem Offshore has formally announced the cancellation of one newbuilding at Vard while it chalked up a big impairment on the value of its ships.
The Oslo-listed owner, which made headlines last month due to its merger with Solstad Offshore, said it recognized costs of NOK 191.7m ($23.35m) related to the termination of the newbuilding.
Vard was building an offshore construction vessel (OCV) for Rem, due for delivery in the first quarter of 2018.
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