Brazilian shipyard Enseada Industria Naval (EIN) has filed for preventive bankruptcy in Rio de Janeiro.
It has debts of BRL 2.3bn ($557m), the Valor Economico daily said.
Domestic conglomerate Odebrecht now has a 97.25% stake in EIN, it was reported.
The yard was established to build drillships for Sete Brasil, but this company collapsed in 2016.
Main creditor banks are state-run CEF and Banco do Brasil.
In 2017, EIN reached an out-of-court debt restructuring deal with creditors.
It said it would reorganise BRL 1.3bn through an extra-judicial recovery filed with a Rio de Janeiro judge.
EIN was at one point partly owned by Kawasaki Heavy Industries of Japan.