More progress on yard sales

Kvaerner has agreed the sale of the Norwegian Fjellstrand shipyards, to an MBO and other local investors for NKr100 million ($12 million) but is still looking for a buyer for the Singaporean yard. Fjellstrand?s two Norwegian yards employ 250 staff, build small car/passenger catamaran ferries, and have revenues of NKr400 million ($48 million).

Kvaerner has also confirmed it will retain a stake in Masa-Yards to help secure a sale. “We have to get the best value for shareholders, and if retaining a small minority holding will get a deal together, then so be it,” says a company spokesman. Talks continue with two groups: one Finnish led group includes Carnival Cruise Lines and Royal Caribbean; the other is from Polish yard Szczecin.

Two further yards have been sold, Mandal and Floro, which have gone to Umoe As, and a group led by the Kleven family respectively.