Fujian Mawei Shipbuilding has rescinded the shipbuilding contract between the shipyard and MAC Goliath, a contractor engaged by Nautilus Minerals to procure the construction of a production support vessel on behalf of Nautilus.
The notice of rescission is in response to MAC Goliath's failure to pay the third instalment of the contract price, US$18 million plus interest.
Fujian Mawei first notified Nautilus of the default on December 11, 2017.
