Kvaerner Shuts Gibraltar Ship Repair Yard

Norwegian construction, engineering and shipbuilding group Kvaerner ASA said it had decided to close the group's ship repair yard in Gibraltar.

The closure of the Mediterranean yard, which Kvaerner said had lost 3.5 million stg since its acquisition in 1992, followed a breakdown in negotiations with employees that would have allowed more flexible working terms.

The company said that it regretted the impact on jobs but felt that, because of the shipyard's turbulent history, there appeared to be few prospects for its revival.