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 March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Amid Yemen Chaos, China Lifts More Oil

China has managed to export a large shipment of crude oil from Yemen over the weekend, ship-tracking data showed on Monday, despite mounting chaos in the country

Reopening Date of Libya Oil Ports Uncertain

It is too early to say when Libyan oil ports Es Sider and Ras Lanuf can reopen after a force loyal to a self-declared Tripoli government pulled out troops from frontlines near to the terminals,

NORDEN CEO: Bulk Market Challenges to Continue

Klaus Nyborg, interim CEO at Denmark-based dry bulk and product tanker shipping company Dampskibsselskabet NORDEN A/S, expects difficult dry cargo market conditions

 
 
Maritime Careers / Shipboard Positions Naval Architecture Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.0951 sec (11 req/sec)