Norwegian shipyard Kleven Verft is facing an uncertain future after losing its bank financing and chief executive officer.
Three Norwegian banks have terminated agreements with the shipbuilder. Additionally, its new owner, DIV Group, has written to clients, partners and creditors warning that the yard could go bankrupt if a new deal is not put in place by 1 July, according to the Nett website.
Accounts have also been frozen, the report said.
A spokesman for Croatia's DIV, which also owns Split shipyard Brodosplit, told broadcaster NRK that the lenders have terminated their loans due to what he called "untrue accusations of the company's solvency".
Meanwhile, CEO Kjetill Bollestad has left Kleven.
He told Nett: "I do not want to and cannot be part of the operation and culture that [DIV owner Tomislav] Debeljak is part of."
A Kleven spokesman told NRK that employees are worried about their jobs, but asked them to stay calm.
Don't panic
"We've been through some storms in the past, so I think we need to get started again," he added.
Norwegian shipowner Hurtigruten teamed up with banks to provide NOK 900m ($93m) in new capital in 2017 to secure completions of two expedition cruiseship newbuildings there.
The company then took ownership of the yard, before selling to DIV in January this year after taking delivery of the second of these.
Kleven has 400 employees. The yard group has been contacted for further information.
The shipbuilder had been reeling from major financial losses in January, accumulating NOK 1.2bn in debt in the last four years, TradeWinds reported.
Bollestad said at the time that the future was looking brighter for the company than in many years.
