Samsung Heavy Industries made a regulatory filing on December 31 that its supply contract for one FPSO with an undisclosed Asian owner was cancelled as of December 27.
The FPSO values around KRW 505.1bn ($470m).
The contract has originally been signed in June 2007, however, since the owner could not secure financing and charter due to global financial crisis, the owner has been extending the contract.
Eventually, in request of the owner, the contract has been cancelled.
The Korean Geojae-based ship and offshore plant builder added that according to terms of the contract, Samsung would keep about $67m of down payment, which was already been paid.
Meanwhile, delivery of the unit had been delayed to December 31 2012 from initial September 30 2010.