Singapore-listed Triyards Holdings Limited has received termination notices for design and construction deals related to two chemical tankers.
The shipbuilding contracts, dated June 26, 2015 and the addendum dated May 10, 2017, had an aggregate contract value of USD 51 million.
The buyer of the chemical tankers, which delivered the notices of termination to Triyards’ subsidiary, Saigon Offshore Fabrication and Engineering Limited (SOFEL), has claimed for the reimbursement of all sums paid in advance on account of the contracts, amounting to USD 10.2 million.
Separately, Triyards released its financial report for the full year ended August 31, 2017. The company informed that it ended the year with a loss of USD 162.5 million, compared to a profit of USD 17.8 million reported a year earlier.
The company’s revenue for the period plunged by 64 percent to USD 116.2 million from USD 324.9 million seen in the twelve months ended August 31, 2016.