Havyard’s stock market value increased by 158% in one day

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Explosive value development for the coronavirus-hit shipyard.

Havyard’s share price has risen from NOK 2.41 to NOK 6.22 in Thursday’s Oslo Stock Exchange trading. However, no company-specific news has emerged from the listed and debt-plagued shipyard group Havyard Ship Technology on Wednesday.

The shipyard in the village of Leirvik, on the north side of the Sognefjord, Western Norway, is currently closed after an extensive outbreak of COVID-19.

On the 30th of September, the yard was forced to temporarily shut down activity, after four cases of covid-19 were discovered. A week later, 80 people were infected in the municipality. All of them were connected to the shipyard.

In order to prevent further spread and to gain control of the situation, the local municipality, with the authority of the Infection Control Act, decided to keep the business closed until 19 October.

Among Havyard’s customers is Norsk Fisketransport, a subsidiary of listed NTS, which has two wellboats there, albeit completed yet delayed, at the shipyard. NTS is currently in merger negotiations with salmon farming competitor Norway Royal Salmon.