Ivar Hanson announces his resignation as CEO in Noryards AS- Pål K. Grimsrud becomes new CEO in Noryards BMV

The management in Noryards have decided to focus on a new course for the company. The business will no longer be run as a corporate company and Noryards BMV will go through re-organisations. 

PÅl K. Grimsrud the new CEO at Noryards BMVThe changes includes resignation of corporate management, and Ivar Hanson chooses to resign as CEO.  Pål K. Grimsrud is hired as new CEO at Noryards BMV. Grimsrud will receive support the next months from Hanson and for the time being corporate management in the restructuring process for Noryards BMV.

- We have been hit at the same time that the new building market is difficult and due to a dramatic incident that makes what was a yard group, today is reduced to one single shipyard. Therefore we now take consequences of the situation and re- organizes the company. This includes that we no longer need a corporate management in Noryards AS, says CEO Ivar Hanson that has taken the initiative to liquidate his own position.

- I do not do this with an easy heart, but I am aware that it is necessary with great adaptions to ensure a sustainable Noryards for the future, also at management level. I am sure this is the best for the company in the long run, says Hanson that also will continue as Chairman for Noryards BMV.

Until now, Pål K. Grimsrud has been CFO in Noryards AS, but is now hired as CEO in Noryards BMV. Grimsrud is economist and has worked for Noyards AS for three years.

           - Grimsrud knows the company and the business well; I am convinced that he is the right man to take over Noryards BMV that is now going through these changes. Furthermore, I will continue as Chairman of the Board in the company and be a close supporter, says Hanson.

In 2014 Noryards was established as a yard group with two yards, two in Norway and one hull yard in Ukraine under same owner. Already the very same year the hull yard was lost due to the annexation of Krim. During the autumn Noryards Fosen AS decided for petition for bankruptcy due the BOA cancellations of a newbuilding agreement.

Re- organisations in Noryards BMV
At the same time as it is initiated measures to adjust the company’s’ capacity, will the yard preserve all competence needed to be prepared when new building orders is received and the market situation changes.

In addition to the focus on the repair and conversion market, new market focus as aquaculture structures is strengthen, whereas the yard can offer solid competence and competing facilities.

The changes of course now decided, includes also that the planned buying of an own hull yard in Ukraine is stopped.

              - The reason for the re- organisations is to build into flexibility to handle great activity variations that is expected in the nearest future.  This will on the first hand mean that all our regular expenses need to be reduced, and if necessary this includes downsizing, says Pål K. Grimsrud.

The company will use temporary layoff, and permanently lay off when needed.

            - All employers and the employers unions deserves a great thank for the way they have handled and contributed the difficult situation. They have showed huge understanding for the necessity of Noryards changing directions to be a competitive ship yard also in the future, says Ivar Hanson.

Ensuring continuity
Noryards has contract with the Norwegian Coast Guard for conversions on two vessels. The Naval and the Coast Guard is important customer for Noryards, and these missions will naturally be completed as planned.

The re-organisations will be conducted as a way to ensure continuity in the management and the Board both in Noryards AS and Noryards BMV. The new management in Noryards BMV has long competence from BMV, both in ship building and repair business, and maintaining more than 150 years of ship building competence at Laksevåg.

           - There is no doubt that we are facing a demanding period, but I believe that we as a team will make this happen. The change gives us the opportunity to exploit the marked possibilities that after all is in front of us, both in service market and in a growing marin business. The re- organisations today to a more flexible organization will make us better prepared to take new possibilities tomorrow ends Grimsrud.

For any questions please contact:

Ivar Hanson,               CEO, Noryards AS, telephone                      (+47) 995 32 509
Pål K. Grimsrud,        CFO, Noryards AS, telephone                      (+47) 994 77 599