Marine engineering services firm Beng Kuang Marine has cancelled two contracts worth S$14.4m ($11.4m) to build two crane barges for an unnamed customer, Seatrade Asia reports.
Under a deal inked in May this year, Beng Kuang clinched contracts worth a total of S$28.8m to build four 60-metre crane barges for the customer.
“The construction and delivery dates for the other two crane barges remain unchanged,” Singapore-listed Beng Kuang announced on Friday. The barges are expected to be delivered in September 2012.
“The construction work in respect of the cancelled contracts has yet to commence,” Beng Kuang added.
The contract cancellation was “in view of current economic and operating conditions”, the company said.
Under a deal inked in May this year, Beng Kuang clinched contracts worth a total of S$28.8m to build four 60-metre crane barges for the customer.
“The construction and delivery dates for the other two crane barges remain unchanged,” Singapore-listed Beng Kuang announced on Friday. The barges are expected to be delivered in September 2012.
“The construction work in respect of the cancelled contracts has yet to commence,” Beng Kuang added.
The contract cancellation was “in view of current economic and operating conditions”, the company said.