Reef spent over £100m on the Larissa and Despina vessels , they were delivered over a year late by chinese shipyard and required a 5 month £38m refit and modifications when delivered to UK to make them compliant with EU and UK regulations ,
the delay cost REEF nearly 18months of lost revenue during the boom time ,,
im certain that hurt the company bigtime ,,, they were running to catch up…
in hindsight certain managers in the company have mentioned that having the vessels built in Norway would have cost £25m more up front but they would have been delivered on time and fit for purpose , then they would have been able to earn their keep for 18 months longer in the boom time .
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