The buyer of historic Belfast shipyard Harland & Wolff (H&W) has missed its final payment due to the coronavirus outbreak.
Infrastructure specialist InfraStrata agreed a deal to buy the plant out of administration last October.
The company was due to pay £1.45m ($1.8m) on 30 April, completing its £5.25m takeover.
"Given the current Covid-19 situation, the company has formally requested the administrators for an extension period in order to pay the final amount of the consideration," InfraStrata said.
"Positive discussions are continuing with the administrators to determine an optimum time frame for the company to complete this final tranche of payment."
But it added that the company in confident that it will have resources to implement its strategy, despite uncertainty over the pandemic's impact on the economy.
Eyeing shipping expansion
H&W was first put up for sale by Norwegian owner Dolphin Drilling last year to raise capital, but failed to find a buyer.
InfraStrata said that since commencing trading on 5 December last year, management has undertaken a thorough review of the assets acquired and implemented a strategic plan in order to maximise their full potential.
The companuy wants to use the yard for its own gas storage and FSRU projects, but it is also eyeing sectors including cruise and ferry, oil and gas and renewables repair and newbuilding.
The first phase of H&W's rebirth has been to establish a credible shiprepair business.
The yard has won repair and maintenance deals from Seatrucks, Irish Ferries, Stena and P&O Ferries already.
Cruise could be key
So far eight vessels have been through the yard, with at least a further eight ships due to be contracted shortly.
"The company is of the firm opinion that, as the impact of the Covid-19 outbreak dissipates, there will be a substantially increased demand for drydock availability," InfraStrata said.
"Given that several cruiseship owners are unable to operate their fleet during the Covid-19 crisis, the company has received enquiries regarding maintenance and refurbishment work being carried out whilst the vessels are idle."
H&W aims to break even by December.
