Karmsund shipyard files for bankruptcy

OSLO, March 10 (Reuters) – The Karmsund shipyard in western Norway has filed for bankruptcy, its owner Karmsund Maritime AS said on Tuesday.

The unlisted group said its Karmsund Maritime Services AS (KMS) unit, which ran the yard and had 2007 turnover of 800 million Norwegian crowns ($113.6 million) and 130 employees, had been unable to secure financing.

“The firm has experienced cost overruns and as a consequence of the financial crisis has been unable to get financing for further operations,” Karmsund Maritime said in a statement.

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