Norwegian shipbuilder Havyard Group is outsourcing construction of a platform supply vessel (PSV) delayed by four years to compatriot yard Kleven Verft.

The "challenging" situation at the Havyard Ship Technology yard, which was been working on the PSV, is also the reason the group has decided not to disclose its financial results for the second consecutive quarter.

Delays to earlier projects at the yard in Leirvik have had a knock-on effect on the completion of the remaining orderbook of seven vessels, Havyard said on Friday.

The company, a Norwegian shipbuilder and technology company, added that subcontracting construction of the 4,300-dwt PSV due to "a need to relieve the workload at the Leirvik facility".

Havyard said in December said it has entered into contracts to ensure completion of the ships being fitted out at the yard and its seven-vessel orderbook.

The outfit said it chose Kleven Verft as its subcontractor after discussions with a number of prospective partners.

"The final contract will be clarified in a few weeks with the proviso that satisfactory construction loan funding is provided," the yard said of the subcontracting agreement.

'Challenging' situation

Havyard Group has decided not to release its financial results for the fourth quarter due to the "challenging financial situation" at , a filing to the Oslo Stock Exchange said late on Thursday.

"Work on solving the financial challenges will be continued in consultation with external advisers, and updated information will be provided as soon as possible," the filing said.

In November, the group announced it would not file its third-quarter results publicly and would instead dedicate its efforts to resolving Havyard Ship Technology's financial situation.

Havyard Group's shares closed at NOK 2.97 on the Oslo Stock Exchange on Thursday and fell to NOK 2.70 when markets opened in Norway on Friday.

The stock has advanced this morning in Oslo, with shares trading at NOK 2.95 as of noon in the city.

Delayed PSV

Construction of the delayed PSV, which is being built to the Havyard 833 WE design, will commence at Kleven Verft this month.

The vessel is being built for Canadian shipping company Atlantic Towing and delivery is scheduled for mid-2020.

Atlantic purchased the unit in July 2019 for an undisclosed price and plans to rename it Atlantic Harrier on delivery.

The vessel was formerly known as the Fafnir Viking and was ordered for $59m in April 2014 by Fafnir Offshore of Iceland.

Fafnir's contract with Havyard for the vessel was cancelled in 2017 after the owner failed to pay an additional pre-delivery instalment.