Solvtrans helps Havyard out of debt and takes over unfinished “Ronja Storm” wellboat

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Embattled shipyard has its loan burden reduced.

“Havyard Ship Technology has today formally delivered new ship number 135 to the shipowner, where the ship will remain at the shipyard for a short period for completion of minor remaining work,” Havyard said in a stock exchange announcement Wednesday.

Building number 135 is the 116 meter long well boat “Ronja Storm”. The boat is commissioned by the wellboat shipping company Sølvtrans, and costs EUR 50 million.

The news comes days after longtime CEO Geir Johan Bakke left 15 years at the helm. Bakke and the board ‘have agreed to terminate the employment relationship,’ and the shipyard company landed a new financing package.

Listed Havyard Group’s subsidiary Havyard Ship Technology has now reached an agreement with shipowners who have vessels for equipment at the shipyard, as well as GIEK (Norwegian Export Credit Guarantee Agency) and involved banks, which will ensure the completion and delivery of these ships.

“The delivery means that a significant part of the company’s building loan exposure has been reduced,” the statement further stated.

When “Ronja Storm” is completed and fully operational, it will be set to work for Huon Aquaculture in Tasmania.