Hydrolift, a Norwegian producer of motorboats from 22ft-42ft, has had to lay off 18 of its 44 employees due to heavy financial losses. According to local daily Fredriksstad Blad, the well-known builder, part of the Eker Group, had been in the red since 2002.

“We have to adjust to the market. We have had a hard race and have to adjust our numbers. It's the reality of life,” Bård Eker, owner and chairman of the board, told the paper.

Eker also said that bankruptcy is no alternative. The company will have to ride through the tough times.

According to Fredriksstad Blad, Hydrolift’s turnover fell from NOK 23.9m in 2015 to just NOK 12.6m in 2016.

From 2011 to 2014, the company lost between NOK 7m to NOK 15m each year, but the total loss since the company was founded in 2002 is more than NOK 100m.

“Of course we're working with full focus on sales activities, hoping the result will be as good as possible,” Eker told the paper.