German Shipyard Sietas Sale Deal in the Balance

Press Release
Thursday, December 13, 2012

Cash-strapped  JJ Sietas Group is building a Van Oord liftboat but as a second order is uncomfirmed the yard's future is in doubt.

In June 2012 the creditors’ committee voted in favour of an offer by the VeKa Group of the Netherlands to take over the Sietas shipyard. Despite six months of intensive negotiations, it has not proved possible to complete the deal. 

The reason being that the Sietas shipyard currently has only one order for a new construction, a jack-up vessel for offshore wind farms for the Dutch marine engineering company Van Oord. The prospect of a second new construction order of an identical type and the resulting continuing employment of the shipyard was stipulated by VeKa as a condition for the takeover.

However, two weeks ago Van Oord was forced to halt the decision-making process for the construction of the second jack-up vessel, which was due to a delayed investment decision for the EnBW Hohe See offshore wind farm.

As a result of the still on-going political discussion concerning the amendment to Germany’s Energy Industry Act (EnWG) and the associated uncertainties regarding binding dates for the grid connection of offshore wind farms, EnBW has postponed its investment decision for the planned North Sea wind farm. Van Oord’s firm intention had been to order a second jack-up vessel from Sietas and to use it in the construction of the wind farm, and consequently, Van Oord has now disbanded its entire Hohe See project team.

After attending a recent works meeting at the Sietas shipyard, Hamburg’s Senator for Economy Frank Horch said: “After being able to save a lot of the jobs in former subsidiaries Neuenfelder Maschinenfabrik (NMF) and the Norderwerft shipyard, I’m still hopeful that Hamburg will be able to keep the long-established Sietas shipyard.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

ATB Design Comes of Age

The emerging trend of marrying the design of an articulated tug and barge (ATB) to a particular propulsion system to maximize efficiencies of that system has, of late,

Cenac Marine to Christen New Vessel, Donate Barge

A ceremony will be held July 29 at Cenac Marine Services headquarters in, Houma, La. To commemorate the christening of its newest vessel, M/V Quincey Cenac, as

Sanmar Building 150th Robert Allan Designed Tug

Robert Allan Ltd. and Sanmar Denizcilik A.S. have reached a milestone in their ongoing relationship: scheduled to be launched later this year, a RAstar 2800 will

Finance

Concordia Maritime Posts Q2 Profit

Facing a “gradually deteriorating market,” Sweden based tanker shipping company Concordia Maritime said it was able to post a profit in Q2 2016 based on high vessel

Asia Dry Bulk-Capesize Steady as Owners Spurn Low Rates

Owners anchoring ships rather than fix at low rates. W. Australia-China capesize rates hit over two-month low. Freight rates for large capesize dry cargo ships

Scorpio Bulkers books Net Loss

USA-Monaco based bulk carrier Scorpio Bulkers has reported a loss of $24.7 million in its second quarter of 2016, pushing the carrier's deficit up to $ 83 million.

 
 
Maritime Security Naval Architecture Offshore Oil Pipelines Salvage Ship Electronics Ship Repair 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: 0.0763 sec (13 req/sec)