Norwegian shipbuilder Havyard has uncovered "significant accounting deviations" in its fourth-quarter report.
The find means it will have to knock NOK 100m ($11.84m) off the bottom line.
The deviations mainly relate to two major prototype projects at Havyard Ship Technology's shipyard in Leirvik, where completion is ongoing.
"When reviewing other ongoing projects, no deviations of significance have been found," the Saevik-backed company said.
"Furthermore, it has been discovered that there is no basis for further operations in a French subsidiary which has activities towards a French shipyard.
"It has also been uncovered that it will be necessary to make certain impairments of financial assets."
Havyard is now expected to be in breach of equity and working capital covenants.
It added: "However, dialogue with lenders has been initiated to minimise the effects of such breach. In addition, internal measures have been initiated, and the company is in good dialogue with customers."
The previously reported net loss for the fourth quarter was NOK 33.62m, from NOK 5.1m in 2017, while EBIT was lower than expected, coming in at a loss of NOK 35.3m, down 4.3%.
Revenue was NOK 821.59m, up from NOK 354.58m the year before.
It blamed the loss on weaker results in several segments and additional depreciation in research and development.
