Norwegian yard saved on the verge of bankruptcy

Fosen Yard in Norway will renovate five vessels for carrier Hurtigruten. Great news for a company that was on the verge of bankruptcy as the latest victim in the struggling Norwegian shipbuilding industry. The yards' order intake is down 50 percent this year.

by DANIEL LOGAN

Norwegian shipyard Fosen Yard in Sørtrøndelag was on the verge of bankruptcy. Then the yard won a tender for a contract to remodel five of carrier Hurtigruten's vessels, and the yard, which teetered on the edge of a financial collapse, now has its hands and orderbooks full.

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