Pella Shipyard Buys Sietas Shipyard

MarineLink.com
Monday, February 10, 2014
From left: Frank Horch, Hamburg’s Senator for Economy, Garegin G. Tsaturov, Coowner of Pella Shipyard, Natallia Dean, Managing Director Terraline, and Berthold Brinkmann, Insolvency Administrator of Sietas Shipyard

After an intensive search of over two years, the insolvency administrator, Berthold Brinkmann, has found a strategic investor for the renowned Sietas Shipyard in Hamburg: Pella Shipyard from Otradnoye near St. Petersburg, Russia is taking over the company as of March 10, 2014. The purchase agreement with the Hamburg-based company Terraline GmbH, a member of Pella Shipyard Group, has already been concluded and officially certified by a solicitor, but is still awaiting approval by the creditors’ committee and banks. Following the takeover, Terraline will be renamed Pella Sietas GmbH. The buyer has undertaken to operating Sietas Shipyard as shipyard for a further eight years at least. Pella Shipyard already has orders for the construction of tugs, icebreakers and supply ships, as well as other ships with high level equipment requirements.

Pella Shipyard is buying Sietas Shipyard as part of transferral restructuring, by means of which approximately 120 employees are being kept on and/or re-employed via the Sietas transfer company by the end of April. The buyer intends increasing the number of employees at Sietas Shipyard to at least 400 by the end of 2016; its goal is furthermore to enhance the employment options at a variety of supply companies. Pella Shipyard is moreover planning to invest at least €15 million in the infrastructure at Sietas Shipyard by the end of 2016. The parties agreed to treat the purchase price in the strictest confidence; the buyer is funding the purchase via its own assets.

Administrator Berthold Brinkmann explained, “I am delighted that we have found a strategic investor for Sietas Shipyard in the company Pella Shipyard. It is not only acquiring one of Hamburg’s long-established maritime companies, but also securing the expertise of the experienced Sietas employees. In addition, a further 280 employees are to be taken on by the end of 2016, impressively underlining the trust Pella Shipyard puts in the competence of this north German shipbuilder.“ Berthold Brinkmann has been continuing shipbuilding activities on the banks of the Elbe river in Hamburg for more than two years during the entire insolvency proceedings.

Berthold Brinkmann is planning to soon deliver the first jack-up vessel for offshore wind installations to have been developed and built in Germany to the renowned Dutch marine engineering company Van Oord. The administrator had renegotiated the construction contract during the Sietas insolvency proceedings and then built the vessel without any state aid or loans. Sietas Shipyard completed another new construction project in October 2012, and handed over the suction dredger “Eke Möbius” to its customer Josef Möbius Bau-GmbH on schedule.
 

Maritime Today


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

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

People & Company News

HCI Capital Renamed Ernst Russ AG

A vote was passed at the ordinary shareholders’ meeting of HCI Capital AG yesterday to change the company’s name to Ernst Russ AG. The Executive Board and Supervisory

CMA CGM to use Kingston As Transshipment Hub

French shipping giant CMA CGM plans to use Kingston Container Terminal,  Jamaica as a strategic Caribbean transshipment hub for an enlarged Panama Canal. The Port connects to US East Coast,

Conrad Shipyard Forms LNG Business Unit

Conrad Shipyard has formed a new business unit focused on LNG projects.   Conrad, builder of North America’s first LNG bunker barge scheduled for 2017 delivery,

Ship Repair & Conversion

Turkey to Modernize Pakistan’s Subs

The Turkish defense firm Defense Technologies and Engineering (STM) won the tender to modernize Pakistan's submarines against its French competitor DCNS, reports Daily Sabah.

Turkey Launches F-513 TCG Burgazada

Turkish Navy’s third Milgem class corvette, the F-513 TCG Burgazada, created as part of the MILGEM project, was launched with a ceremony attended by Turkish President

SeaPro FourStroke Making Gains in the Commercial Market

Mercury Marine’s family of SeaPro FourStroke outboard engines is suited for high-hour applications and harsh environments, according to the manufacturer, who said

News

HCI Capital Renamed Ernst Russ AG

A vote was passed at the ordinary shareholders’ meeting of HCI Capital AG yesterday to change the company’s name to Ernst Russ AG. The Executive Board and Supervisory

ABP orders Two Gottwald cranes

Terex Port Solutions (TPS) has received an order from Associated British Ports (ABP) for two electric Terex Gottwald Model 8 portal harbour cranes in the G HSK 8424 B four-rope grab variant.

Traffic Separation Schemes off Western Australia

On 1 December 2016 two new Traffic Separation Schemes (TSS) will come into effect off the south-west coast of Western Australia. Australia’s proposal to establish

Mergers & Acquisitions

HCI Capital Renamed Ernst Russ AG

A vote was passed at the ordinary shareholders’ meeting of HCI Capital AG yesterday to change the company’s name to Ernst Russ AG. The Executive Board and Supervisory

OSG Joins NYSE "Big Board"

Overseas Shipholding Group, Inc. (NYSE:OSG) (the “Company” or “OSG”) announced today that it has been approved by the New York Stock Exchange (“NYSE”) to transfer

Merger: Survitec Joins Forces with WMS

Survitec Group announced a transformational deal with the Marine Safety business of Wilhelmsen Maritime Services AS (WMS), in which WMS will transfer into Survitec

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority 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: 0.1242 sec (8 req/sec)