Italian yard giant Fincantieri and Australia's Scenic Cruises are carrying out due diligence on Croatia's trouble Uljanik Group with a view to a strategic alliance.
SeeNews cited Croatian economy minister Darko Horvat as saying the two groups are examining the financial state of the shipbuilder.
Fincantieri is reportedly considering teaming up with domestic company DIV, the owner of the rival Brodosplit yard, while Scenic has two cruiseships on order at the yard.
Horvat said both could fund the $23m that Uljanik needs to avoid insolvency.
Other bidders may yet enter the race before a 25 January deadline.
Uljanik Group comprises two major shipyards, Uljanik and 3 Maj.
The company has suffered order cancellations and strikes due to financial troubles.
