Norwegians Buy Romanian Shipyard

Thursday, March 30, 2000
Norwegian group Scandinor AS has signed a contract with Romania's main privatization agency, FPS, to acquire a majority stake in local shipyard Santierul Naval Braila. Scandinor is to acquire the State Ownership Fund's (FPS) full stake of 69.52 percent in Santierul Naval in a $9.3 million deal including investments spread over five years, FPS executive manager Alin Giurgiu said. He said the acquisition price represented around one third of the value of the deal, with investments worth some $6 million focusing on technology upgrades and environmental protection. Scandinor, Giurgiu said, will also take over Santierul Naval's debts, amounting to around $11.4 million, mainly to banks and suppliers. The yard designs, builds and repairs small- and medium-tonnage river- and sea-going ships. The shipyard ended 1999 with a net profit of around $205,000. Comparative data for 1998 were unavailable. Scandinor has been present in Romania since 1993 in various shipping-related businesses.
Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

APM Maasvlakte II Terminal Opens

APM Terminals Maasvlakte II held a ceremony  to celebrate the opening of the world’s most automated container terminal.   The  event that was attended by Dutch

MISC Says AET Tankers Unit Not for Sale

MISC Berhad issued a statement today addressing recent market speculation that the company is set to sell its wholly owned petroleum tanker subsidiary AET Tankers.

Strong Tanker Market Extends Peak Season High Earnings

Tanker earnings for crude oil tankers have climbed to new strong levels in the first quarter of 2015, with averages not seen since 2008, the Baltic and International Maritime Council (BIMCO) reported.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Pipelines Salvage Ship Electronics Ship Repair Sonar Winch
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: 0.0925 sec (11 req/sec)