Olympic Shipping Terminates Vessel Charter Deal with Reef Subsea

Olympic Shipping today announced it has terminated the previously agreed charter deal with Reef Subsea for a subsea construction vessel currently being built by Kleven Maritime in Norway.

In a statement published on the Norwegian stock exchange, the company said that the reason for the termination was Reef Subsea’s failure to meet certain conditions in the charter contract.

The vessel is to be delivered in August 2013. The vessel will be of type MT 6022 Mkll, designed for low fuel consumption and excellent sea and station-keeping.

Olympic added that it already has a new client for the vessel.