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Steel price cited in Odfjell, Sevmash row


Published Feb 26, 2008
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PGS Production secures tanker for FPSO conversion-Spotlight
courtesy PGS Production

Russian Yard Sevmash has cited the skyrocketing costs of steel and the crisis of capital it caused for not having delivered the first of a dozen tankers ordered by Norwegian shipping group Odfjell.

The Norwegians have demanded compensation for the $500 million order they say they’ve scrapped. The Russians said they reject the demand after getting nowhere in negotiations to arrive at a fair price.

Sevmash said in a statement the ships will be built with the hope of breaking even on the sale.

The contract and its 2004, fixed-price implications look set to go to arbitration.

Sevmash, has completed 100 projects in 17 years, and says it is well underway with a second semi-submersible platform for Moss Mosvold Platforms AS.

Tags: Odfjell, Sevmash



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