Norwegian shipowner Siem Offshore has terminated the charter party for the offshore subsea construction vessel (OSCV) Siem Spearfish, due to non-performance of the charterer’s obligation, the company said on Monday.

In November 2013, Harkand had entered into a charter agreement with Siem Offshore for a firm period of five years with three yearly options. The OSCV started its contract in May 2014.

However, following the financial collapse of Harkand Group, four charter agreements, including this one, have been terminated, and another newbuilld delivery from Vard remains uncertain.

Harkand was set up in February 2013 through the merger of Iremis, Integrated Subsea Services (ISS) and Andrews Survey following investment by Oaktree Capital Management.

The 120-meter Spearfish was launched in 2014 after being designed and built at the Vard facility in Norway. The vessel joined Harkand’s fleet with aim to help boost its services in the deep water Gulf of Mexico.

Earlier this month, Subsea World News reported that Bollinger Fourchon filed a lawsuit against Harkand, seeking consent to seize the Siem Spearfish due to unpaid debt for multiple uses of its docks.

Subsea World News Staff