LSE-listed Petrofac has terminated its shipbuilding contract with Shanghai Zhenhua Heavy Industries Co (ZPMC), citing the shipyard's performance issues.
Group chief executive of Petrofac, Ayman Asfari said, “It is regrettable that it has become necessary for us to take this decision, and the board is now reviewing its options.”
In 2014, Petrofac hired ZPMC for the construction of its Petrofac JSD 6000 deepwater derrick lay vessel based on a design that integrates the J-Lay, S-Lay and derrick functions.
The chinese shipayrd was tasked to build the hull and marine systems on the Petrofac JSD 6000.
This vessel was meant to provide Petrofac with access to high-end turnkey opportunities in the deepwater market and expand access to shallow water engineering, procurement, construction and installation (EPCI) projects from early 2017.
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