Noryards Fosen Goes Bust

Norwegian shipyard group Noryards AS reported that its Fosen-based subsidiary – Noryards Fosen AS – decided to file for bankruptcy at the Fosen District Court.

The final nail in Noryards Fosen AS’ coffin was the cancellation of a shipbuilding contract by Boa IMR AS on September 23. The contract for one inspection maintenance and repair (IMR) vessel was signed back in March, and was valued at NOK 700 million (USD 86.3 million).

The owner of Noryards, Calexco S.a.r.l., has since the cancellation been in dialogue and negotiations with the co-owner of Boa IMR AS, Boa Offshore, to find solutions that could give basis for a withdrawal of the cancellation.

Noryards says that the negotiations were unsuccessful as Boa Offshore, through their majority share in Boa IMR AS, chose to maintain the cancellation dated the September 23.

”The cancellation of Build 92 puts Noryards Fosen AS in a financial situation where the company is not able to fulfill their obligations,” Noryards said in a statement.

”The Board and the Administration at Fosen has done an extensive work to try to obtain new orders that could have secured further responsible operation of the company. This has not been possible in the present difficult market. It has neither been possible to establish new financing of the company that could have ensured sufficient equity and liquidity for continued operations.”

Noryards Fosen currently has 72 permanent employees.

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