The debts owed to Mr Rokke would be converted into Kvaerner shares at a later date, thereby giving him a controlling equity stake in the company, according to the Norwegian newspaper Dagens Naeringsliv.

BBC: Kvaerner's banks offer life-line

Initially, the company had high hopes that a helping hand would be lent by the flamboyant billionaire industrialist Kjell Inge Rokke whose company Aker Maritime controls 18% of Kvaerner's shares, making it the largest single share holder.

BBC: Kvaerner's banks offer life-line