Tougher times for Norwegian shipyards

Norwegian shipyards last year experienced their worst year, with orders worth only NOK 1.3 billion ($228 million). This is a drop of nearly 90% since the heady years of 2005 and 2006, Aftenposten reports, when Norwegian yards received orders worth up to NOK 17-18 billion a year.

At present, only a few of the 25 Norwegian yards have orders lasting into 2011. Most of the contracts at Norwegian yards have been for offshore vessels but already there is a surplus of this ship type on the market.

Around 10,000 are employed at Norwegian shipyards, and another 12-14.000 in the marine equipment and outfitting industry.