Norway’s Ulstein group has suffered combined losses of more than NOK 1bn ($125m) in the last three years.
The privately-controlled ship designer and builder reported a pretax loss of NOK 360m for 2017, after suffering a major blow from the crisis in the offshore services sector.
The company has also logged large losses on the construction of a new luxury yacht to an unnamed shipowner and had to make extraordinary write-offs in shipowning subsidiary Blue Ship Invest, which owns two platform supply ships.
