Aggressive Norwegian rig maintenance yards and tough price competition from Poland, among others, have not been kind to the Danish shipyard Fayard, based on Lindø, in the fiscal year 2011-12, says CEO of Fayard, Thomas Andersen. The yard had its highest net revenue in five years, USD 114.1 million, but the year's result of USD 1.9 million is USD 3.48 million less than last year.
"The competition is very, very tough in our segment," says Thomas Andersen, though he remains hopeful about the long term.
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