The yard will change its name from Heerema Tonsberg to Grenland Tonsberg from 1 January next year.

"In some situations we have experienced that we have been too small to compete for the large contracts," said GG boss Hallgeir Skogen. "The projects have just been too big for our site in Grenland."

GG is targeting a different market than Heerema, and the Norwegian outfit said that it has no intention to enter into the large offshore fabrication market.

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