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Noryards BMV Goes Bankrupt

April 14, 2016

Norwegian shipbuilder Noryards BMV, a daughter company of Noryards AS, has filed for bankruptcy having failed to reach a compulsory debt settlement with its creditors.

The shipyard’s CEO Pål K. Grimsrud confirmed the bankruptcy filing on Wednesday afternoon to local media, a final move following the yard’s inability to secure work amid offshore oil and gas industry woes that are to cost 96 yard employees their jobs.

The bankruptcy proceedings follows suit that of another subsidiarity of Noryards AS. In October, 2015 the group’s 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).

World Maritime News Staff