{"id":13878,"date":"2015-10-12T09:47:12","date_gmt":"2015-10-12T09:47:12","guid":{"rendered":"https:\/\/seafarersrights.org\/icon-offshore-cancels-newbuilding-contract-seeks-3-25m-refund\/"},"modified":"2015-10-12T09:47:12","modified_gmt":"2015-10-12T09:47:12","slug":"icon-offshore-cancels-newbuilding-contract-seeks-3-25m-refund","status":"publish","type":"post","link":"https:\/\/seafarersrights.org\/icon-offshore-cancels-newbuilding-contract-seeks-3-25m-refund\/","title":{"rendered":"Icon Offshore cancels newbuilding contract, seeks $3.25m refund"},"content":{"rendered":"
\n

Malaysia-listed offshore services supplier Icon Offshore has cancelled its shipbuilding contract with Denmark-based Danish Yachts and is seeking a refund of around DKK21.35 million (USD3.25 million).<\/p>\n

The contract was terminated by Icon Offshore’s joint-venture company Icon-FOB Holdings (Icon-FOB) because of technical non-conformity to specifications agreed in the contract with Danish Yachts.<\/p>\n

Icon Offshore deputy CEO Hassan Ali said the contract cancellation is inevitable as the company has set up stringent acceptance tests for newbuildings before taking delivery.<\/p>\n

“We will not accept any vessel that does not meet the contractual technical specifications,” explained Hassan in the company’s filing to Bursa Malaysia.<\/p>\n

According to Icon Offshore’s filing, Icon-FOB and Danish Yachts have agreed to mutually terminate the contract and make full refund of the payments made to date.<\/p>\n

Of the DKK21.35 million to be reimbursed, Icon Fleet, which owns 51% in Icon-FOB, would be compensated with DKK10.89 million.<\/p>\n

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To contact the author of this article, email Titus.Zheng@ihs.com<\/a><\/div>\n<\/p>\n
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(146 words) <\/div>\n
<\/a><\/a><\/a><\/div>\n<\/div>\n

This post was sourced from IHS Maritime 360: View the original article here.<\/a><\/p>\n ","protected":false},"excerpt":{"rendered":"

Malaysia-listed offshore services supplier Icon Offshore has cancelled its shipbuilding contract with Denmark-based Danish Yachts and is seeking a refund of around DKK21.35 million (USD3.25 million).
\nThe contract was terminated by Icon Offshore’s joint-venture company Icon-FOB Holdings (Icon-FOB)<\/div>\nRead More<\/a>","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[153],"tags":[],"class_list":{"0":"post-13878","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-ihs-maritime-360","7":"entry","8":"gs-1","9":"gs-odd","10":"gs-even","11":"gs-featured-content-entry"},"acf":[],"yoast_head":"\nIcon Offshore cancels newbuilding contract, seeks $3.25m refund - Seafarers Rights International<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seafarersrights.org\/icon-offshore-cancels-newbuilding-contract-seeks-3-25m-refund\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Icon Offshore cancels newbuilding contract, seeks $3.25m refund - Seafarers Rights International\" \/>\n<meta property=\"og:description\" content=\"Malaysia-listed offshore services supplier Icon Offshore has cancelled its shipbuilding contract with Denmark-based Danish Yachts and is seeking a refund of around DKK21.35 million (USD3.25 million). 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