Losses sustained in building fishing vessel prototypes are expected to be worse than previously thought and are expected to sink Havyard Group into the red this quarter.
This will bring the Norwegian shipbuilding group in breach of its covenants with bondholders and senior lenders, an exchange filing said on Friday.
The Oslo-listed group said further losses had been sustained at Havyard Ship Technology's shipyard in Leirvik on two prototypes being built for the fishing industry: a pelagic trawler and a live fish carrier.
