The rescue plan, which secures the survival of the 148-year old Norwegian power-plant builder, was approved by shareholders in late December. According to Kvaerner, four banks out of the total of 46 banks had yet to approve the plan, however, consents had been secured from all creditors that are party to the debt restructuring planned for the group.

Aker Maritime is controlled by multimillionaire, Mr Kjell Inge Roekke, who has worked to combine with its rival since first buying Kvaerner shares 18 months ago. After Kvaerner said in September it was short on cash, Roekke battled for control of the company with Russian company, AO Yukos Oil Co.

Kvaerner's rescue plan involves selling 3.5 billion kroner ($US 394 million) in shares to new and existing shareholders and a 10-year moratorium on 4.5 billion kroner worth of debt. It also includes payments on another 4 billion kroner in loans being postponed by three years.