Helix Energy Solutions and Jurong Shipyard, a subsidiary of Sembcorp Marine, have pushed back delivery of a newbuild semisubmersible well intervention vessel ‘Q7000’ from July 30, 2017 to December 31, 2017.

In addition, the companies have agreed that the remaining 80% of the contract price was to be paid in three, instead of two previously agreed installments. The first 20% of the contract price was paid upon the execution of the Q7000 construction contract in September 2013.

The remaining three installments will be paid as follows: 20% on June 25, 2016, 20% upon issuance of the Completion Certificate, which is to be issued on or before December 31, 2017, and 40% upon delivery of the vessel.

Furthermore, Helix Q7000 will pay $28,438 per day for incremental reimbursements to Jurong Shipyard for the period beginning the day after the earlier of the issuance of the Completion Certificate and December 31, 2017, and ending upon delivery of the vessel and Jurong Shipyard’s reasonable costs arising out of or in relation to the deferment of the delivery that are directly attributable to Jurong Shipyard’s maintenance or construction of the vessel.