Two cost explosions are causing the shipyard Fosen Yard to file for bankruptcy. But they hope to find a solution.
Shipyard Fosen Yard, here with managing director Anders Strumsheim (left), hopes to find solutions after going bankrupt. Photo: Fosen YardPublished:
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– This has been in the cards, we have been working on solutions for quite some time, says managing director Anders Straumsheim in Fosen Yard to E24.
The shipyard, which is based at Fosen in Trøndelag, has had two projects underway that have developed negatively.
– The latter in particular has contributed to an accumulated deficit for which we have not been able to find a solution, he says.
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After unsuccessful dialogues with banks, shipping companies and suppliers to find solutions, the shipyard has to declare bankruptcy.
– Today is of course a difficult day when we announce tenders for good employees. But in a few days we will have to look ahead, says Straumsheim.
The newspaper The Fosna People mentioned the matter first.
The company has 132 employees. Estate manager Ronald Eriksen Brevik says that the employees will be dismissed by the bankruptcy estate, but that in a few days an information meeting will be held with them with information about the process.
Cost killer
The ill-fated projects were so-called rebuilding projects, which, among other things, involve changing machines and installing battery systems.
– No two projects are the same, so it is entirely up to you to assess whether the scope should increase when you undertake the commitment. Especially on the last project, there has been a gross underestimation, says Straumsheim.
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– What did this last project entail?
– I don’t want to go into details, but it concerns the electrification of a ferry, he says.
The trustee estimates that the debt is around NOK 100 million. In 2022, Fosen Yard had a turnover of just over NOK 200 million, says Brevik.
He currently does not have an overview of who the biggest creditors are, and Straumsheim does not want to go into detail about the debt situation.
– The market is good
On Wednesday, the management will meet with the executor to discuss the way forward and survey the situation.
– How do you see the way forward?
– The paradox is that we are sitting on agreements of intent and agreements that are significant, and we have ongoing projects that suffer from this stoppage. And we have projects that are coming in very soon, so we hope to find solutions for that.
He points out that Fosen Yard is an operating company, and that the property company and the holding company are intact.
– But unfortunately we had to visit a tender to see if we can find a way forward. We have received many positive contributions and input, with partners who want to take it further. The market is good, says Straumsheim.
– Did the employees receive a signal that operations might be kept going?
– The shipbuilding industry has fluctuated violently through economic cycles in various segments, and those who have been involved for a long time are used to fluctuations. It is part of the nature of the shipbuilding industry, he says.
– But equally it is sad and sad that this will happen, but we just have to look ahead.
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