The move comes after Vantage missed its second $59.5 million progress payment on 15 July, putting the contract in jeopardy. Vantage had already deferred that payment near the end of last year.
Houston-based Vantage said in a market disclosure last week that it will seek to recover "all funds paid to the shipyard", or about $59.5 million, plus contractual interest.
The company said it will likely take a non-cash charge of between $27 million and $30 million for the write-off of development costs and capitalised interest for the Cobalt Explorer project incurred over the last three years.
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