Norwegian yard discovers new losses and holds bank meetings

Problems keep piling up for Norwegian shipbuilding group Havyard. The company has now uncovered new losses on a range of unfinished newbuilds and has to hold new meetings with its banks.

Havyard's Leirvik yard is the one causing trouble for the group. The photo does not show the involved vessels. | Photo: PR/Havyard

Norwegian shipbuilding group Havyard has booked new losses on a number of newbuilds and is now meeting anew with its banks to find a solution to the problems.

The shipbuilder has been in trouble since March, when management discovered irregularities in the company's accounting, which fundamentally altered the state of its financials. The deviations had a negative impact on its figures by about USD 15 million.

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