The contract, which is worth more than $500 million, comprises the engineering, procurement, construction and turnkey delivery of the vessel Dalian Developer. The deal was secured by Cosco’s 51%-owned subsidiary Cosco (Dalian) Shipyard in July 2010.
The Chinese yard group was served a notice in early August stating DDD’s intention to terminate the contract “based on alleged grounds of delay in the delivery of the vessel”.
However,
