Norwegian shipyard Kleven Verft and its subsidiaries Kleven Maritime Contracting and Kleven Maritime Technology have filed for bankruptcy.

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

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

Additionally, the bank accounts were frozen, and the CEO and vice-president reportedly submitted their resignations.

During the acquisition by DIV Group, Kleven said that both companies have competencies that are complementary, which will help to build a ‘world-leading and profitable shipyard’.

Furthermore, the balance and equity of the two companies were expected to finance the new vessels.

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DIV Group owns the Croatia-based shipyard Brodosplit, which is the largest in the country. Kleven specialises in building offshore and cruise vessels.

In May, DIV Shipbuilding announced that it will construct M/Y NJORD, a new 290m-long residential yacht for Ocean Residences Development.

Kleven Verft and Brodosplit shipyard were scheduled to contribute to the construction of the vessel, which is scheduled to be delivered in 2024.

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.