Buyers Line Up to Buy Sietas Shipyard

(Press Release)
Friday, March 30, 2012
A number of prospective buyers have emerged for the companies of the Sietas Group. This is the result of the extensive investor search conducted by Berthold Brinkmann, receiver of the Sietas shipyard: "A number of people are interested in an overall solution, and there is special interest in Neuenfelder Maschinenfabrik (NMF) and Norderwerft. Today, the board of creditors of the Sietas shipyard asked me to enter into concrete negotiations with the prospective buyers." As reported, these prospective buyers have already submitted indicative offers, and they are to concretise and confirm these offers by mid-May. For this purpose, an in-depth due diligence audit is now starting, including the disclosure of all business documents of the Sietas shipyard, NMF and Norderwerft. Since the beginning of the insolvency proceedings, the engaged HSH Corporate Finance has approached more than 100 potential investors around the globe.
The prospective buyers, who are headquartered in Germany, Europe, and overseas, are mostly strategic investors, i.e. companies from the shipbuilding industry. In its examination of the offers, the receiver Berthold Brinkmann will not only consider the purchase price, but also the preservation of as many jobs as possible. As of mid-2012, the Sietas Group is expected to have the following headcount: new construction shipyard 375 jobs (plus trainees), Neuenfelder Maschinenfabrik NMF 127 jobs, repair company Norderwerft 90 jobs.
Commenting on the motives of the prospective buyer, agent for the receiver Rüdiger Fuchs says: "The technology focus of the Sietas Group and its shipbuilding engineering skills are recognised. This is bolstered by our successful product development in connection with the construction of special construction ships such as the super heavy lifter, the dredger, and most recently the jack-up vessel. Moreover, our sites in Hamburg, Germany, are attractive."
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

US Sens. Kaine and Reed Visit Newport News Shipbuilding

Huntington Ingalls Industries (HII) hosted U.S. Sens. Tim Kaine (D-Va.) and Jack Reed (D-R.I.) Tuesday for a tour of the company's Newport News Shipbuilding division.

Damen Launches Kuwait Oil Company’s New Tug

First of 14 ASD Tugs launched at Damen Shipyards Galati The Kuwait Oil Company’s (KOC) new ASD Tug 3212 was launched end of March at Damen Shipyards Galati, Romania.

Samsung Heavy Takes Up 7 Container Ship Order

South Korea's Samsung Heavy Industries said on Wednesday that it is proceeding with a project worth 642.9 billion won ($617.67 million) to build seven container ships as planned.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pipelines Salvage Ship Electronics Ship Simulators 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: 0.0658 sec (15 req/sec)