ULSTEINVIK, Norway – Japan’s Kawasaki Heavy Industries has agreed to terminate its shipbuilding contract for the top-hole drilling/light well intervention (LWI) vessel Island Navigator.
According to Island Offshore Management, the yard state has run into difficulties during the engineering process and has also been hit with higher material costs since the contract was signed.
With the future of the offshore development sector still uncertain and due also to the ongoing financial restructuring of the Island Offshore Group, both parties agreed to the termination.
Håvard Ulstein, managing director of Island Offshore Management, said: "TheIsland Navigator would have been a fantastic vessel. Going forward we choose to develop our existing light well intervention vessels…”