Fred. Olsen Windcarrer the specialist company set up to build wind farm installation vessels is set for a €950,000 (US $1.343 million) cancellation fee from a client after a deal for a new vessel was cancelled.

Windcarrer, indirectly and jointly owned by Norway’s Bonheur ASA and Ganger Rolf reports that Belgian offshore client GeoSea NV has now cancelled the contract for the new ship named Brave Tern, which is currently under construction at one of the shipyard;s in Dubai owned by UK-listed rig builder Lamprell Energy.

Cancellation was an option under the original contract with GeoSea, Windcarrier said today, and accordingly the company says it is now due to receive the €950,000 fee as compensation.

A six-month deal for the construction of Brave Term was finalised in October 2010 and the wind installation ship was due to be delivered next year.