South Korean shipyard Samsung Heavy Industries has had an order from an unnamed client for a newbuild FPSO (Floating Production, Storage and Offloading) vessel worth approximately US $475m (505 Bn won) cancelled.
The yard said in a regulatory filing that an Asian firm issued a notice of cancellation for the FPSO after having already delayed it once due to financing difficulties and the lack of a firm charter for the planned production unit. The order was originally made in June 2007, with the scheduled delivery date in September 2010. The delivery date was later postponed to 31 December, 2012.
However the yard confirmed in a filing with the Korea Exchange that the notice of termination of the order was received on 27 December, 2012.
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