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Hurtigruten increases stake in Kleven to take full ownership

Hurtigruten is buying Kleven shipyard in Ulsteinvik
Norway’s Kleven shipyard is being fully acquired by Hurtigruten-owned KVE Holding AS, the largest partner in the shipyard business with a 40% share.  

It is now buying 100% of the shares of Kleven Verft AS, Kleven Maritime Contracting AS and Kleven Maritime Technology AS.

The Ulsteinvik-located shipyard, which is building two 530-passenger expeditions ships for Hurtigruten, has been experiencing financial problems and underwent an extensive restructuring last year.

Increased costs associated with several of the yards' projects, has necessitated the Norwegian shipbuilder to seek additional liquidity.

The new financial solution provides liquidity of up to NOK 600m, consisting of contributions from owners, customers and banks.

‘This is a very good solution that allows us to focus on building some of the world's most advanced ships, and rigging Kleven for the future,’ said Kleven ceo Karsten Sævik.

Both have a long and rich history

‘Like us, Kleven has a long and rich history. Like us, they have focused on quality and innovation, and like us they have been through a major transformation. Both as responsible owner and responsible customer it is important for us to find good, and not least long-term solutions. We see a big potential for Kleven,’ commented Daniel Skjeldam, ceo of Hurtigruten.

‘Kleven is a high-tech shipyard with long traditions, proud history and employees with a unique expertise. This is a good solution, which means that we are now coming through what has been a difficult period and can look forward,’ said Sævik.

Hurtigruten's pair of expedition ships delayed

Delivery of Hurtigruten's Roald Amundsen has already been pushed back from a July 2018 delivery to May 2019 and there is also a delay for the second vessel Fridtjof Nansen, which was originally due to follow in summer 2019. A delivery date for the the second ship has not yet been confirmed.