Havyard Solstrand shipyard is fighting for its future today after filing for bankruptcy, company sources say.
Solstrand, which is 80% owned by the Havyard Group, says bankruptcy was inevitable due to rising production costs.
“This has been coming for some time because the contract prices are much lower than the production costs of the vessels,” a spokesperson said.
“The owners and the banks won’t finance it so there is no other way than bankruptcy.”
Company sources say meetings are currently ongoing in Norway in the hope of rescuing the situation.
An insider says the yard is now a “going concern but there is still hope the company can be saved".
“It is good news and bad news today as we hope to be taken over,” he said.
The spokesperson confirms Havyard, owned by the Saevik family, is considering taking full control of the yard.
Solstrand currently has seven newbuildings on its books, comprising three platform supply vessels (PSVs) and four fishing boats.
The yard still hopes to complete the PSV orders but it is unlikely all seven ships will be built, TradeWinds is told.
Construction of the three PSVs is underway but the yard has yet to start building the other four units and is now unlikely to do so.
Siem, Trico and Havila are said to have vessels on order at the yard.
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