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

Shipbuilding

First Supramax Vessel for Japan-Italy Venture

'DACC Tirreno' was delivered at the Oshima shipyard in Japan yesterday, the first of four Supramax bulk carriers for the dACC Maritime Limited fleet, the joint

Austal Graduates 48 4-Yr Apprentices

Austal USA combined two classes to graduate a total of 48 members of Austal’s cutting-edge four-year apprenticeship program yesterday at a formal ceremony held at the Arthur R.

BAE Systems to Expand San Diego Shipyard

BAE Systems announced it will invest approximately $100 million to expand drydocking capabilities at its San Diego shipyard.   The investment, which will include

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction
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: 0.1349 sec (7 req/sec)