Norwegian ship recycling company Green Yard will take over the struggling Kleven Verft shipyard that has recently filed for bankruptcy.

Green Yard has entered an agreement with the bankruptcy authorities and the involved banks to acquire the shipyard.

Earlier this month, Kleven Verft and its subsidiaries Kleven Maritime Contracting and Kleven Maritime Technology filed for bankruptcy.

The company filed for bankruptcy after a loan agreement was cancelled by three loan creditors.

In January, Croatia-based DIV Group acquired Kleven Verft from expedition cruise operator Hurtigruten.

In a press release, Kleven said: “The core competence is preserved and Green Yard Kleven will also in the future be one of Norway’s most renowned shipyards.”

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Green Yard plans to expand the business areas to ensure a stable supply of work, along with the current work of shipbuilding and maintenance.

The company added that Kjetil Bollestad will return to the shipyard and resume his previous role as CEO.

Green Yard had scheduled a meeting with Kleven employees on 14 July.

Kleven specialises in building offshore and cruise vessels.

Recently, the Norwegian shipyard also delivered the two ships, MS Roald Amundsen and MS Fridtjof Nansen, for Hurtigruten.

In November 2017, Kleven signed a memorandum of understanding (MoU) with De Beers Marine Namibia for the construction of a purpose-designed offshore mining vessel.