Norway's Kleven shipyard is struggling with heavy losses on two exploration cruiseships for domestic Hurtigruten.
The first of the two 20,900-gt ships, Roald Amundsen, was delivered from the yard this summer, one year late, due to technical problems.
Kleven has not delivered its accounts before 2018 by 31 July, but according to the Norwegian daily, Dagens Naeringsliv, the accumulated losses for the last four years amount to more than NOK 1bn ($118m).
The yard is not willing to comment on this figure.
Kleven's main focus is to complete the sistership to Roald Amundsen, Fridtjof Nansen before the end of this year.
When Hurtigruten signed the newbuilding deal, three years ago, the ships were reported to cost $130m each.
They were equipped with advanced hybrid engines and the most modern within comfort for cruising in polar waters.
A letter of intent for a third ship has been put on ice.
Several owners have had to contribute in saving Kleven.
Last year Hurtigruten took over the yard and it has also been supplied with NOK 300m in fresh equity in 2017 and 2018 and NOK 600m in cash and cash equivalents from owners and banks.
A new holding company Kve Holding has been established; which has the same owner as Hurtigruten, TDR Capital in London.
The owner is now describing Kleven as for sale and Italy’s Fincantieri has been mentioned as a possible buyer.
