Shipbuilding industry in Norway, mainly operating in the Engineer-to-order environment, is one of the most innovative in the world in terms of technology and production methods. In this paper we investigate the applicability of the concept of remanufacturing in the shipbuilding industry. The research takes a case study approach to study the topic and also presents an overview of the existing literature on remanufacturing and its benefits for businesses and environment. A five stage framework is proposed for integrating the concept of remanufacturing into the strategic decision making process in shipbuilding companies. This framework would streamline the decision making process of shipbuilding companies entering the vessel remanufacturing business.