Restructuring Norwegian shipbuilder Havyard Group has fully financed the remaining six ships in its orderbook in a deal with banks and shipowners.
The move comes as subsidiary Havyard Ship Technology (HST) is undergoing bankruptcy proceedings after being unable to pay creditors.
HST's shipbuilding business has been transferred to a new subsidiary, New Havyard Ship Technology (NHST).
The bankrupt unit has now reached agreement with shipowners, the Norwegian Export Credit Guarantee Agency (GIEK), banks and guarantors to ensure the completion and delivery of the vessels.
The hulls of five of these are being built at the Cemre shipyard in Turkey. The contracts will be transferred to NHST for completion.
In December, HST reached a similar deal for ships that were currently under construction. It had endured big losses on newbuilding projects.
Saevik family-controlled Havyard Group said the final vessels are scheduled for delivery in mid-2021.
Satisfactory solutions
"As a result of the agreements entered into for these six vessels, Havyard Group has managed to find satisfactory solutions for all vessels ordered at HST, and this production programme is thus fully financed," the group said.
"For NHST, a positive result is expected as a result of the execution of these contracts."
Clarksons had previously listed the deliveries as scheduled from June this year through to April 2021.
The yard is building a platform supply vessel (PSV) for Atlantic Towing, two car and passenger ferries for another Saevik company, Fjord1, and three accommodation vessels for Esvagt.
Norway's Bankruptcy Act allows for all or part of a bankrupt business to be salvaged by a new or existing entity and form the basis of a viable business.
The succeeding entity can acquire all or part of the business from the bankruptcy estate and potentially from its mortgagees and pledgees.
HST lost its equity and fell in breach of loan covenants in November, but managed to strike an agreement with its lenders.
The breaches were caused by heavy losses on certain vessel projects including five battery-powered ferries that HST was building for Fjord1, as well as two fishing vessel prototypes.
Havyard fired its chief executive Geir Johan Bakke "with immediate effect" on 2 December, following huge losses sustained by HST.
