Keppel Singmarine has received notice from Grup Servicii Petroliere (GSP) of Romania for the cancellation of a multi-purpose pipelaying vessel newbuilding contract. The 28,000gtunitwascontracted lastyearandwas dueto be delivered during 2012. Singmarine's parent corporation Keppel advised,"the cancellation of the contract isduetothe owner'sdifficulties in securing project financing.'Total contact value was S$181M ($ 122M) and the yard received a'milestone payment' for the project, which covers costs as wellas the expected loss of profits.
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