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

Reps. Byrne and Palazzo Visit Ingalls Shipbuilding

Reps. Bradley Byrne, R-Ala., and Steven Palazzo, R-Miss., visited Huntington Ingalls Industries' (HII) Ingalls Shipbuilding division Wednesday. The congressmen,

Damen Opens JV Yard in Vietnam

On March 20, 2014, Vietnamese Minister of Transport Nguyen Hong Truong, cut the ribbon for the latest addition to Damen Shipyard Group’s portfolio. Damen Song Cam is a new yard,

HHI to Deploy 3DEXPERIENCE Design Platform

Hyundai Heavy Industries Selects Marine & Offshore Industry Solution Experiences for Design and Engineering of Offshore Structures Dassault Systèmes, the 3DEXPERIENCE Company,

Tanker Trends

Imperial: Decision on Canadian LNG Project Distant

Imperial Oil Ltd said on Thursday it is not yet close to deciding on whether it will go ahead with a Canadian liquefied natural gas export plant it is exploring

Italian Pleads Guilty to Marine-hose Price-fixing in US

A former executive of Parker ITR Srl pleaded guilty on Thursday to conspiring to rig bids for marine hose and was sentenced to two years in prison, the U.S. Justice Department said on Thursday.

Knightsbridge, Frontline to Form US Capesize Company

Knightsbridge Tankers Limited and Frontline 2012 Ltd. have announced an agreement to combine Frontline 2012's remaining fleet of 25 fuel efficient vessels with Knightsbridge.

 
 
Maritime Contracts Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.1229 sec (8 req/sec)