Noryards Fosen Petition Bankruptcy
It is with great regrets that the Noryards Fosen AS’ (the company) Board has decided to petition bankruptcy. The petition for bankruptcy will be delivered to the Fosen District Court soon as possible.
On the 23rd of September 2015 Noryards Fosen AS received a cancellation on the order from Boa IMR AS.
The owner of Noryards, Calexco S.a.r.l. has since the cancellation been in dialogue and negotiations with the co-owner of Boa IMR AS, Boa Offshore to find solutions that could give basis to withdraw the cancellation.
Through the process between the owners it has become clear that a solution was not possible to agree upon and that Boa Offshore through their majority share in Boa IMR AS, chooses to maintain the cancellation dated the 23rd of September.
The cancellation of Build 92 puts Noryards Fosen AS in a financial situation where the company is not able to fulfill their obligations. The Board and the Administration at Fosen has done an extensive work to try to obtain new orders that could have secured further responsible operation of the company. This has not been possible in the present difficult market.
It has neither been possible to establish new financing of the company that could have ensured sufficient equity and liquidity for continued operations in this challenging market.
Therefore, the Board of Noryards Fosen reached the conclusion that the conditions for petition for bankruptcy pursuant to the Norwegian Law of Bankruptcy Act § 60, as §§ 61, 62, and 66 is in place. The petition of Bankruptcy will be sent to the Fosen District Court.
Noryards Fosen is a wholly owned subsidiary of Noryards AS. The company currently has 72 permanent employees.
We would like to thank all of our employees who have been working during the very difficult time. It is highly regrettable that we are in this situation to take this step to petition for bankruptcy and that our faithful and skilled employees are losing their jobs.
For any queries please contact:
Ivar Hanson, CEO of Noryards AS, Telephone (+47) 995 32 509, or Pål K. Grimsrud, CFO of Noryards AS, Telephone (+47) 994 77 599