Havyard Ship Technology, a part of Havyard Group, has agreed with its client to postpone the delivery of the new subsea vessel, building no. 123, to the second quarter of 2018.

The agreement for construction of NB 123 was signed in July with an undisclosed international shipping company, with the delivery scheduled for second quarter of 2017.

Havyard said that the postponement of the delivery is “due to the difficult market situation for offshore vessels internationally.”

The contract for the vessel, a newly developed Havyard 858 L WE design, has a value of approximately NOK 700 million (USD 89 mln).

Havyard agreed that the buyer has the right to cancel the contract in March 2016, provided that the buyer in advance has paid Havyard Ship Technology an agreed amount.

The Havyard 858 L WE design is developed by Havyard Design & Solutions in Norway. The vessel can perform IMR (Inspection Maintenance and Repair) and light construction work on subsea installations.