Norwegian shipyard Kleven Verft has reported another annual loss but believes it is now in a stronger financial position after completing a restructuring.
Kleven, one of the nation's largest yards, reported a pre-tax loss of NOK 349m ($38m) for 2018, against a NOK 393m loss in 2017. Revenue totalled NOK 2bn, down from NOK 2.4bn in 2017.
But after completing a restructuring, the shipbuilder is on the hunt for a new buyer as sole owner Hurtigruten seeks to pull out.
Creating value
Potential investors “will see the value of our neat and easy balance sheet after the restructuring”, Kleven finance director Ole Beinnes Fosse said.
He declined to reveal banks' contribution to the shipyard's financial rescue, but he said the yard now is concentrated on finding a new owner that can supply both capital and projects.
Fosse praised Hurtigruten, the banks and Export Credit Norway for their contribution to finding a solution.
Hurtigruten, a cruise and ferry owner, is awaiting delivery of its second exploration cruiseship, the 20,900-gt Fridtjof Nansen, from Kleven at around the end of this year.
The sistership Roald Amundsen (built 2019) was delivered this summer but a year late due to technical problems. The ships reportedly have a price tag of $130m each.
Fosse said the yard would not have survived without the help of Hurtigruten.
