Norway’s Grieg Green, the ship recycling and ESG advisory arm of Grieg Maritime Group, is closing down after 15 years of operation, citing tough market conditions and rising competition that make it difficult for premium service providers to stay viable.
The Bergen-based company said the decision, effective immediately, follows an extended period of challenging conditions in the recycling sector.
Grieg Green was founded in 2010 with a mission to promote safe and sustainable ship recycling. Since then, it has overseen the recycling of more than 80 ships and nearly 70 offshore rigs.
“Our purpose was to show that it was possible to recycle maritime assets in a sustainable and responsible manner,” the company said in a statement. “With this mission completed, we see that it is increasingly difficult for high-end service providers like Grieg Green to remain competitive.”
Matt Duke, CEO of Grieg Maritime and chair of Grieg Green, said the group had explored various options before deciding to close.
“We have looked at different scenarios throughout the last months and found that the right thing to do is to close these activities down,” Duke said, adding: “We are proud of the difference Grieg Green has made and thank the team and partners who have been part of that journey.”
