In the process of completing its second newbuild for Hurtigruten, the Fridtjof Nansen, the Kleven shipyard has undergone a restructuring process, creating a new company, while keeping the old name.

It said in a press release that while in the long-term it plans to continue to focus on newbuilds, in the near term the yard will concentrate on what it called low-risk projects such as rebuilds, refurbishments and maintenance jobs in addition to pipe and steel work.

“We are taking the experience we have gained from building complex ships, including the hybrid vessels, Roald Amundsen and Fridtjof Nansen, for Hurtigruten, and using that know-how to redbuild Kleven,” said CEO Kjetil Bollestad. “We need to make certain cost adjustments and compared to the last few years our workload will be less in 2020.”

That means that Kleven will be cutting back its workforce from 224 to 140, according to local news sources, which also said that the company had posted losses in the range of NOK 1 billion over the pasts four years (approximately $112 million).

Projects on the books include the rebuild of a fishing trawler. In addition Kleven is negotiating the rebuild and modernization of several Hurtigruten vessels.

Hurtigruten assumed ownership of the yard in 2018 and Bollestad credited Hurtigruten with having saved the company and also that GIEK (the Norwegian export credit agency), the company’s banking connections and Innovation Norway (government agency supporting industrial development) had been supportive.