Named in honour of their late boatbuilder father, Georg Eide Sr. (1896-1951) also a shipbuilder, the company focused on building wooden hulled boats for the fishing industry, which were still the most common vessels in rural Norway.

[3][4] However, the contract was cancelled in 2012 when Lupatech underwent a restructuring, leading to substantial losses for Eide Marine, who had already completed 70% of the work on two of the ten vessels ordered.

[6] In the following years, the company suffered heavy deficits due to lack of long-term contracts, failed investments and high running costs of their many vessels, the majority of which were inactive.

"Mr Eide was sentenced in November 2020 to six months unconditional imprisonment for having assisted scrap dealer Wirana in the attempt to illegally export the ship.

On the other hand, cash buyer Wirana has been fined NOK 7 million for having falsified papers to deceive Norwegian authorities about the ship's true destination and its seaworthiness to allow the vessel to leave Norway.