Slow progress on yard sales

Kvaerner has sold two more of its smaller yards and 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 groups includes Carnival Cruise Lines and Royal Caribbean; the other is from Polish yard Szczecin.

The latest yards sold are Mandal and Floro, which have gone to Umoe As, and a group led by the Kleven family respectively.

Kvaerner has also appealed against the fine imposed by the EU on Warnow Werft for over production. It asked the EU to adopt a rolling average when calculating production, but this has been rejected.

The company says it will retain liability for the fines, but the yard?s 91,000cgt capacity limitation makes it less attractive to investors.