Triyards subsidiary hit by termination of tanker contracts

Triyards Holdings has announced that its wholly owned subsidiary, Saigon Offshore Fabrication and Engineering (SOFEL), has received notices of termination for two shipbuilding contracts.

In a statement Triyards said the contracts – dated June 26, 2015 and the addendum dated May 10, 2017 – were for the design and construction of two chemical tankers of an aggregate contract value of US$51 million.

The unidentified buyer has claimed for the reimbursement of all sums paid by the buyer in advance amounting to $10.2 million.