Norwegian shipbuilder Havyard has fallen short of its target of posting an operating profit in the fourth quarter.

The net loss was NOK 33.62m ($3.92m) from NOK 5.1m in 2017, while EBIT was lower than expected, coming in at a loss of NOK 35.3m, down 4.3%.

The Saevik-backed company said revenue was NOK 821.59m, up from NOK 354.58m the year before.