Skaramanga Workers Favor HDW/FS Bid

Thursday, August 09, 2001
Greece's Skaramanga shipyard workers are in favor of a Hoawaldtswerke Deutsche Werft-Ferrostaal (HDW/FS) offer to buy out 100 percent of the shipyard for 1.5 billion drachmas ($3.8 million), a shipyard executive said. George Kontakis, vice president of Skaramanga shipyards and representative of the 49 percent stake owned by its workers, said the union's approval was unanimous. "The union's board decided unanimously (in favor), as ETBA Bank did, and announced HDW/FS as the highest bidder for the sale of 100 percent of the shipyard," Kontakis said. Earlier this week ETBA Bank, which holds a 51 percent stake in Skaramanga shipyards, said Germany's HDW/FS was the highest bidder and that its senior management would start negotiations with the German joint venture for an improvement of its offer. He said HDW/FS is expected to proceed with a 3.0 billion drachma capital increase for the Greek shipyard to fund operating costs. Kontakis said besides the 1.5 billion drachmas paid for 100 percent of the shipyard, the German shipyard will assume Skaramanga's estimated losses of 11.5 billion drachmas this year and finance a three-year 8-10 billion drachma investment program. "HDW/FS' complete offer exceeds 40 billion drachmas ($104 million)," he said, adding that the German joint venture will also provide technical know-how. Staff will be reduced from 2,000 to 1,400 via a voluntary redundancy program. Based on an agreement with the Greek government, Skaramanga workers will get back from the state a sum of 1.5 billion drachmas which was their cash participation in the shipyard's last capital increase, Kontakis said. Negotiations between Greece and HDW/FS are expected to be completed in the next two months, the government has said. - (Reuters)
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Shipbuilding: Vigor Industrial Grows Stronger

Vigor Industrial has ballooned from a modest shipyard in Portland, Oregon, to the largest shipbuilder in the Pacific Northwest and Alaska. Vigor increasingly thinks big and builds big.

Q-Max Floating Dock Launched

On March 21, 2014, senior management from N-KOM and Nakilat attended the launching and naming ceremony of N-KOM’s Q-Max sized floating dock at Hyundai Samho Heavy Industries in South Korea.

US Sens. Kaine and Reed Visit Newport News Shipbuilding

Huntington Ingalls Industries (HII) hosted U.S. Sens. Tim Kaine (D-Va.) and Jack Reed (D-R.I.) Tuesday for a tour of the company's Newport News Shipbuilding division.

Tanker Trends

North Sea: Potential VLCC Moves to South Korea

North Sea Forties crude differentials were unchanged on Wednesday in very quiet pre-Easter trade, with dealers still watching two potential VLCC shipments to Asia

All Items Approved at Stolt-Nielsen Meeting

Stolt-Nielsen Limited announced that all agenda items were approved and all nominated directors were elected at its Annual General Meeting of shareholders held yesterday in Bermuda.

Petrobras, Mitsui Study South Brazil LNG Import Terminal

Brazil's state-run oil company Petroleo Brasileiro SA and Japanese trading house Mitsui Corp will study building a liquefied natural gas (LNG) terminal in the country's southernmost state,

 
 
Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1036 sec (10 req/sec)