Havyard Group Asa News

One Norwegian shipyard has opted to focus on ship repair and service versus newbuild -- and downsize too -- to ride out COVID-19 and its impact on the world economy.New Havyard Ship Technology announced that it will restructure its operations into a repair and service yard and reduce the number of staff, as employees were informed today at the yard in Leirvik."The strategy of becoming a service and repair yard is absolutely necessary to keep as many jobs as possible," said Gunnar Larsen, CEO, Havyard Group.

Havyard’s collaboration with the Turkish shipyard Cemre has been decisive in the company’s ability to deliver top-quality competitive newbuilds from its own shipyard in Leirvik in Sogn.On Saturday, August 24, Cemre Shipyard launched the hull of Havyard Ship Technology AS’s build number 144. The hull will now be towed to Leirvik for fitting out, testing and completion and is scheduled for delivery to Fjord1 in January 2020, to operate the Sandvika - Edøya service. This marks the 50th hull built by Cemre for Havyard…

MMC Green Technology AS will be renamed Norwegian Greentech AS.In connection with the sale of MMC First Process, it was agreed that MMC Green Technology would change its name. The new name is Norwegian Greentech AS, and Havyard Group ASA is the company's majority owner with 77.78% of the shares. The remaining shares are still owned by key employees who have been with the company since its formation.Ballast water treatment system – a requirementShips built after September 8, 2017 are bound by the requirements of the IMO convention concerning treatment of ballast water, while existing ships must have a ballast water treatment system installed by September 8, 2024. Also, all ships are already required to have an approved ballast water management plan in place.

All business areas in Havyard Group have been affected to a varying degree by the general downturn in the market in the oil industry. The Group has been working over time on rationalisation and restructuring in order to adapt to the new framework conditions. As a result of recent market developments and expectations of continuing low demand, the Group is now implementing further measures. Among other things, this will entail cutting the workforce by around 100 full-time equivalents. These job cuts are the result of both rationalisation of the operation of the company and an adjustment of the total production capacity. Like most companies in the maritime cluster, Havyard Group ASA has grown and increased its capacity in recent years.

As part of the further rationalisation of administrative tasks in the business area, Havyard inform it has now been decided to merge Havyard MMC Fish Handling AS and Havyard Refrigeration AS with the parent company Havyard Fish Handling & Refrigeration AS. The merger will be implemented with effect from 1 January 2015. In order to retain the MMC brand name, which is very strong in the fish handling and refrigeration sector, the name of the business area will be changed from Havyard Fish Handling & Refrigeration AS to Havyard MMC AS. Roar Stenersen, Executive Vice President of Havyard MMC AS, expects the merger and the ensuing reorganisation to have a good effect.

Kenneth Pettersen becomes Executive Vice President of Havyard Ship Technology AS, thereby becoming head of the business area and general manager of the company. Pettersen will also continue as COO of the Havyard Group as well as being deputy for CEO Geir Johan Bakke of Havyard Group. Pettersen is 48 years old and was educated as a mechanical engineer with additional qualifications in project management and business management. He worked at Ulstein shipyard for 17 years as a planner, project manager, project director and production director before joining Havyard in 2007, where he was assigned responsibility for hull production and overall planning. Pettersen has been COO of Havyard Group from 2009.

Norwegian shipbuilders, service providers & designers Havyard Group ASA inform that its listed stock has been traded on the Oslo Børs as President & CEO Geir Johan Bakke rang the ceremonial bell. Per Sævik, CEO of the family company Havila Holding said in connection with the planning of the IPO: “Our family has broad interests in the offshore supply industry. In light of this, and because we see that we need to optimise the conditions for continued growth for Havyard Group, both on technology and ship equipment, we choose to reduce our ownership. Havyard has a significant potential for growth, but the further development of the company requires more than we as a family company have the possibility to contribute”.

Havyard Group informs that Roar Stenersen has been appointed as Executive Vice-President of Havyard Fish Handling & Refrigeration to replace Leif Gjelseth who takes over as leader of sales and business development. Roar Stenersen, has since October 2013 been the general manager of the two product areas in Havyard Fish Handling and Refrigeration and had day-to-day responsibility for operations. The Board has now appointed Stenersen as Executive Vice President for Havyard Fish Handling & Refrigeration AS. He also replaces Leif Gjelseth in the corporate management at Havyard Group ASA. The Group explains that since it acquired a majority stake in MMC Tendos Holding in 2012, there has been an ongoing process of integration of the company's activities in Havyard Group.

Havyard Group ASA submitted an updated application for listing of its shares on Oslo Børs, alternatively Oslo Axess, on 6 June 2014. It is expected that the stock exchange will consider the application in a meeting of its board of directors on 18 June 2014. Subject to approval of the application and compliance with the listing criteria, the first day of trading is expected to be 26 June 2014. Havyard Group has gone through a significant growth and has established itself as one of the key providers of maritime technologies, with focus on advanced vessels and associated technologies for the oil service, fishing and aquaculture businesses. A listing of the Company’s shares will strengthen the opportunities for further growth and development.