Fujian Mawei Shipbuilding Ltd, the owner of the shipyard where the PSV is being built, rescinded the shipbuilding contract with MAC Goliath Pte Ltd after the contractor failed to pay the third installment of the contract price of ~US$18m + interest (K56 million).
MAC is the contractor engaged by Nautilus to procure the construction of the PSV on behalf of Nautilus.
On December 11, 2017, Nautilus reported that Fujian Mawei Shipbuilding Ltd had notified them of MAC’s default.
