China’s Yiulian Shipyard will seek to sell a converted accommodation semi-submersible vessel after its buyer Jasper Investments failed to raise sufficient funds to take over.

Singapore-listed Jasper Investments told the stock exchange that Yiulian Shipyard has exercised its right to seek to sell the Jasper Cosmopolitan vessel.

“The group intends to work collaboratively with Yiulian Shipyard on the sale process and (…) negotiate a profit share in the interest of enhancing the Jasper Cosmopolitan vessel’s sale price and increase the value to the benefit of the shareholders,” Jasper Investments stated.

Jasper Investments was supposed to take delivery of the converted vessel by 31 August this year, after it made the order with the shipyard in November 2011.