German Shipyard Sietas Sale Deal in the Balance
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.
Ailing German Shipyard Appoints New CEO
Rüdiger Fuchs to become new Chief Executive Officer of P+S Werften, aims to re-define the German shipyard's business model. The experienced industry manager and qualified engineer (Daimler Group, Airbus and Sietas Group) will take over management of the company from Dr. Dieter Brammertz, who is leaving P+S as planned. The change is taking place after the European Commission has approved the rescue aid granted preliminarily by the German State of Mecklenburg-Pomerania. Rüdiger Fuchs (46): “I represent a new start at P+S Werften.
Five Confirmed Offers for Sietas Group Companies
Five concrete offers have been received for the companies of the Hamburg-based Sietas Group. This is the result of the second phase of the extensive search for investors by the receiver of the Sietas shipyard, Berthold Brinkmann. During the first phase, a number of potential investors were approached by HSH Corporate Finance, which had been commissioned with the task, and interested parties were asked to submit indicative offers. During the second phase, these offers were to be put into more concrete terms and confirmed after an in-depth due diligence assessment. Receiver Berthold Brinkmann commented as follows: “The five binding offers that we have meanwhile received for the Sietas Group companies include both an overall solution as well as the acquisition of individual companies.
Buyers Line Up to Buy Sietas Shipyard
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.
German Shipbuilder Files Insolvency Petition
The management of J.J. Sietas KG Schiffswerft GmbH u. Co. and J.J. Sietas Verwaltungs GmbH have filed a petition for insolvency at the Municipal Court Hamburg on 17 November 2011, due to over-indebtedness. Work on ships under construction will continue, according to the company. The court has appointed a provisional creditors’ committee of inspection and, following a hearing of this provisional creditors’ committee of inspection, has appointed Lawyer Berthold Brinkmann of Hamburg…
SAL Schiffahrtskontor Altes Land Puts Heavy Lift Ship in Service
SAL Schiffahrtskontor Altes Land has put the new building MV ‘Lone’ into service. Just three months after the German-based heavy-lift shipping company has sent the MV ‘Svenja’ - the world’s largest heavy-lift vessel - on its maiden voyage, the company’s fleet has now been expanded by a second vessel of the same Type 183. Just like its sister vessel, the heavy lifter was built at Sietas shipyard in Hamburg in six months. It has a lifting capacity of 2,000 tons and a speed of 20 knots. While the MV ‘Svenja’ features a Dynamic Positioning System 1 (DP1), the MV ‘Lone’ is equipped with a DP2.
Van Oord Commissions Jack-Up for Offshore Wind Market
Sietas is to be the first German shipyard to develop and build a jack-up vessel used for offshore wind farm installation. The order, which was signed in Hamburg, comes from Dutch-based marine contractor Van Oord, working on dredging, offshore and marine engineering projects worldwide. In addition, Van Oord has placed an option for a second ship of the same type. No details have been released as to the purchase price. The time elapsing between development and delivery to Van Oord, in September 2012, of this innovative jack-up vessel will be just 21 months.
German Shipyard Constructs Jack-Up for Wind Farm
Sietas is to be the first German shipyard to develop and build a jack-up vessel used for offshore wind farm installation. The order, which was signed Dec. 8 in Hamburg, comes from Dutch-based marine contractor Van Oord. In addition, Van Oord has placed an option for a second ship of the same type. No details have been released as to the purchase price. The time elapsing between development and delivery to Van Oord, in September 2012, of this innovative jack-up vessel will be just 21 months. The construction phase is scheduled to last one year.
SAL Newbuild Successful Crane Test
The first of two newbuilds of type 183 commissioned by heavy lift carrier SAL Schiffahrtskontor Altes Land has successfully performed its crane tests in the port of Hamburg. During the test each of the two cranes lifted weights of 1000 tons simultaneously in a very short time period. After a building phase of about six months the first of two type 183 new buildings is getting ready for delivery. In July 2009 the German based heavy lift carrier SAL Schiffahrtskontor Altes Land…