Repairing the Norwegian navy frigate KNM Helge Ingstad, which sank following NATO drills last year, will cost more than NOK 12 billion ($1.37 billion) – three times more than the original cost to build it, according a Norwegian Armed Forces report.
The ship was delivered in 2009 at a cost of NOK 4.3 billion (around $500 million)
The price for an entirely new frigate is estimated to be much less than the cost of completing all of the repairs.
"The accident will affect our Armed Forces' operational ability, deliveries and preparedness," the report admits.
Helge Ingstad collided with the Maltese-flagged tanker Sola in November while travelling back from the major NATO exercise Trident Juncture.
Just a few of the 137-member crew sustained light injuries, but the frigate suffered a 45-metre-long gash on its starboard, sinking shortly afterwards.
Sola, by contrast, emerged from the collision with only minor damage and is already back in service.
The frigate remained underwater for four months before being raised and transported to Bergen.
In April, the ship was re-floated after the gash was plugged using steel plates.
So far, recovering the frigate has cost Norwegian taxpayers NOK 726 million ($83 million), according to the report.
The report summary recommends recycling the vessel to service other navy vessels – or selling it off entirely for its steel.