Norway's Petroleum Geo-Services (PGS) has received notification by Spanish builder Factorias Vulcano that the yard intends to deliver two vessels, according to the shipbuilding contract.
According to PGS, the yard informed them that this would be done to be able to deliver a vessel (hull number 532) under the shipbuilding contract for hull number 533 prior to the cancellation date of July 29, 2009.
PGS said that its subsidiary Arrow Seismic Invest has made all contractual payments to the yard for newbuilds 532 and 533 except the final installments which will be due on delivery. If a shipbuilding contract were to be cancelled due to late anticipated delivery by the yard, Arrow would be entitled to repayment from the yard of all installments made on the vessel, which amounts to US$50.4 million.
