Noryards Fosen files for bankruptcy

Noryards Fosen AS has decided to petition for bankruptcy to the Fosen District Court. The company said on Thursday that the petition for bankruptcy would be delivered to the Fosen District Court “as soon as possible”.

Explaining the reason for the bankruptcy petition, the company says that it all started with a cancellation on an order from Boa IMR AS.

Namely, on September 23, 2015, Noryards received a cancellation on the order from Boa IMR AS for a light construction / IMR vessel.

Noryards said that its owner, Calexco S.a.r.l., has since the cancellation been negotiating with the co-owner of Boa IMR AS, Boa Offshore to find solutions to withdraw the cancellation.

Through the process between the owners, Noryards says, it has become clear that a solution was not possible to agree upon and that Boa Offshore through their majority share in Boa IMR AS, chooses to maintain the cancellation dated September 23.

“The cancellation of Build 92 puts Noryards Fosen AS in a financial situation where the company is not able to fulfil its obligations. The Board and the Administration at Fosen did 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,” Noryard’s press release reads.

“It has neither been possible to establish new financing of the company that could have ensured sufficient equity and liquidity for continued operations in this challenging market,” the company adds.

“We would like to thank all of our employees who have been working during the very difficult time. It is highly regrettable that we are in this situation to take this step to petition for bankruptcy and that our faithful and skilled employees are losing their jobs,” Noryards has said.

Noryards Fosen is a wholly owned subsidiary of Noryards AS. The company currently has 72 permanent employees.

Noryards As is former Bergen Group’s Shipbuilding Division. It became a subsidiary of Calexco after Bergen Group decided to exit the shipbuilding business in favor of a more dedicated focus on offshore related activities.

 

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