Norway’s Fosen Yard files for bankruptcy again
Fosen Yard, showing Fjord Line’s two RoPax ferries Bergensfjord and Stavangerfjord undergoing re-engining in 2023 (Source: Fosen Yard)
One of Norway’s leading ship conversion specialists, Fosen Yard, in Rissa, near Trondheim, has filed for bankruptcy yet again, citing losses on two recent conversion projects for its current difficulties, resulting in the sacking of its entire workforce of 130 persons. However, there is hope that the shipyard will once again rise, as it currently has a good order book for future work.
In recent years, Fosen Yard has made a name for itself in large-scale passenger ferry conversion projects, for the likes of Fjord Line, Hurtigruten and the Siem Group.
Fosen Yard’s current financial difficulties are believed to have come about after its two most recent conversion projects, which include the conversion of the Torghatten Nord’s ferry Barøy from diesel to all-electric propulsion, and the re-engining of Fjord Line’s two RoPax ferries Bergensfjord and Stavangerfjord, from LNG power to dual-fuel LNG/MGO engines. The Norwegian yard’s debts are believed to be in the region of NOK 100 million.
