Struggling Norwegian shipbuilder Kleven Verft has found a buyer — and is welcoming back a familiar face.

The yard filed for bankruptcy restructuring this month under the ownership of Croatia's DIV Group.

But Kleven said in a statement on Tuesday night that compatriot ship recycler Green Yard is buying the Ulsteinvik plant after a deal was reached with its trustee and banks who had pulled the plug on the company in June.