Fugro to compensate Forland for early charter termination

Following the termination of the Fugro Saltire vessel charter earlier this year, Fugro Subsea will compensate Forland for the premature cancellation of the deal.

Forland Subsea II AS, which bareboat charters the Fugro Saltire from E Forland AS, received a notice of termination from time charterer Fugro Subsea Services on August 2. The termination became effective on October 1.

At the time, Forland Subsea II AS said it would pursue any potential claims for losses arising out of the early termination.

The obligations of Fugro Subsea Services are guaranteed under a parent company guarantee issued by Fugro N.V.

E Forland AS said on Thursday that Fugro Subsea and Forland Subsea II agreed on the terms of the termination, under which Forland Subsea II will receive from Fugro a cash compensation and ownership to certain fixed equipment on the vessel.

The company added that the cash compensation would be paid in the fourth quarter 2017 and the first quarter 2018.

As for the vessel, the Fugro Saltire is a purpose-built, deepwater ROV vessel, designed to meet the demands of the trenching, remote intervention, construction and survey markets. It has been with Fugro since its delivery in 2008.

The vessel was designed in close cooperation with Skipsteknisk and based on the Forland Ship Design. Fugro Saltire is equipped with a 150 t AHC knuckle boom crane designed to deploy full rated load to 3,000 meters (single fall), plus a separate 10 t auxiliary subsea crane with a 1,000-meter fall.

Offshore Energy Today Staff

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