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    Havyard Group to continue to diversify - needs new orders

    Company News // May 26, 2015

    Havyard Group in Norway, a well-known builder of offshore vessels, says the offshore market in general is "affected by declining investment."

    "Decisions are postponed and there are few new projects in the market," said the company in its first quarter 2015 report.

    Havyard said it would use the opportunity for to enhance cost efficiency and its long term goal of diversification.

    "Havyard have had a diversification strategy the last two years and are prepared to meet the challenges in the offshore market," the company said, noting that it is established in the offshore wind market, the market for icebreakers and in the aquaculture market.

    The company said there was "tough competition from established and new players" but said that repeat contracts would give increased profitability.

    However, it also noted that "the Group depends on new order intake to fill capacity for the coming periods."


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