“After completion of several expensive prototype projects, substantial cost reductions and restructuring, we now see that the tide has turned,” says CEO Geir Johan Bakke. “We’re experiencing a positive development in several of our projects, in particular in the Havyard Ship Technology (shipyard) business area, where we endured the biggest challenges in 2015. We have three deliveries from Havyard Ship Technology in 2016, one windfarm service vessel for Esvagt due for delivery in August and two icebreaking offshore vessels for Femco with expected delivery in October. All three vessels are currently being fitted out at the Leirvik shipyard and there is plenty of activity at the shipyard until delivery.”

Havyard Group has over the last few years had a strategy of diversification, with the development of products and services for new markets, including windfarm service, fishing, Arctic/ice and fish farming. This proves to be the right decision even though the investment in new products has influenced results during the last two years. However, Havyard is now experiencing good market activity within these segments.

The organisation is now more flexible and market-oriented after the restructuring, being able to quickly direct our focus towards the areas of increasing activity.

“We expect the positive development of the group to continue in 2016, as a large part of the capacity is sold, in particular in Havyard MMC and Havyard Ship Technology. Focus will be directed towards selling available capacity for the remainder of 2016, and specifically for 2017 and onwards.


Photo of icebreaking offshore vessel, build no.122 Aleut Havyard 843 ICE design for the Russian shipping company Femco, in operation at the Prirazlomnoye field in the Pechora Sea, in the southeastern part of the Barents Sea. Delivered in November 2015 from Havyard Ship Technology.