Norwegian shipyard goes bustYard News // October 21, 2015
Noryards Fosen shipyard in Norway is petitioning for bankruptcy in a district court. In a statement, the company said a petition for bankruptcy will be delivered to the Fosen District Court as soon as possible.
The bankruptcy follows Boa IMR's recent decision to cancel a contract for an IMR vessel that the yard was to build.
Calexco Sarl, Noryards Fosen's owner, said it had entered into dialogue with the co-owner of Boa IMR AS, Boa Offshore, to try to find a solution but was unable to do so.
“The cancellation of build number 92 puts Noryards Fosen in a financial situation in which the company is not able to fulfil its obligations. The board has undertaken extensive work to try to obtain new orders… but that has not been possible... and it has not been possible to establish new financing for the company,” said Noryards Fosen.
A petition for bankruptcy will be sent to the Fosen District Court.