Marine Link
Friday, February 23, 2018

Sietas Group News

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 Shipyard Constructs Jack-Up for Wind Farm

Image courtesy Schellenberg & Kirchberg Public Relations GmbH & Co. KG

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.

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.

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.

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. Photo courtesy Svenja Heinrich, SAL-Schiffahrtskontor Altes Land

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…

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.

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…

Ailing German Shipyard Appoints New CEO

Rüdiger Fuchs: Photo credit P+S Werften

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.

First German-built Wind Farm Jack-up: Aeolus

Aeolus in Este barrage

It is a first in the German shipbuilding industry; the Aeolus, the first jack-up vessel for offshore wind farms designed and built in Germany, which was constructed at Sietas Shipyard for the prestigious Dutch marine engineering company Van Oord, has left the shipyard. Having passed through the Este barrage of Hamburg port, the jack-up vessel now travels along the river Elbe to Bremerhaven. Berthold Brinkmann, administrator at Sietas Shipyard said, "I am proud of what the employees at Sietas shipyard have accomplished with this ship.

Pella Shipyard Buys Sietas Shipyard

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.

German-built Jack-up Vessel for Offshore Wind Farms

Photo: Sietas Shipyard

The hull is complete, the steelwork concluded, the building of the deckhouse has begun – in the dock of Sietas shipyard the first jack-up vessel for offshore wind farms developed and constructed in Germany is currently taking shape. Construction started in April 2012; the handover of the ship to the client, the Dutch marine engineering company Van Oord, is planned for July of this year. For further work on the final assembly, the jack-up vessel needs to be floating in the dock harbor of the Sietas shipyard.

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.

Sietas Shipyard Starts Production of Wind Power Vessel

Steel sections at the Sietas shipbuilding hall (Photo: Sietas).

In the shipbuilding hall of the Sietas shipyard in Hamburg, a start has now been made on the construction of a German premiere. Production has started on the first sections and blocks of the offshore wind power jack-up vessel for the prestigious Dutch marine engineering company Van Oord. In the presence of Peter de Ridder, COO of Van Oord, engineers from the specialist in complex offshore projects and the Sietas team, receiver Berthold Brinkmann and Rüdiger Fuchs, agent for the receiver, gave the go-ahead for the German premiere.

German Shipyard Delivers Complex Suction Dredger

Eke Möbius Christening: Photo credit Sietas

Sietas shipyard hands over second suction dredger christened 'Eke Möbius' to Josef Möbius Bau-GmbH in Hamburg. The Eke Möbius is 118.47 metres long with a displacement of 6.8 metres and has four diesel engines that together develop 6,760 kW. It can dredge at a depth of up to 35 metres. This dredger has cargo capacity of 7,350 cubic metres and has a transit speed of 13 knots. While suction dredging it has a top speed of two knots. An innovative type of power management for the generators and electric engines…

German Shipyard Starts on Offshore Windfarm Liftboat

A start has been made on the construction by Sietas of the first sections and blocks of a offshore wind power jack-up vessel for the  Dutch marine engineering company Van Oord. Sietas is the first German shipyard to build one of these special-purpose vessels. Delivery is scheduled for the spring of 2013. In addition, Van Oord has an option on a second vessel of the same type. "The offshore market and wind farms are becoming more challenging. In future the foundations for these wind farms will be laid in water depths of up to 50 metres, instead of the current 30 metres. The turbines to drive the generators will in future require a power output of five to six megawatts, so they have become bigger and heavier.

Nupas-Cadmatic the Choice for Sietas’ Jack Up Transport

The German-based Shipyard J.J. Sietas, used Nupas-Cadmatic for its intricate offshore wind farm transport and installation vessel. The jack-up was developed for use near the coast in offshore wind parks. The vessel required a complex design in order to operate reliably, quickly and hold a stable position, even in heavy seas. JJ Sietas required software that could efficiently cope with these characteristics. With the use of Nupas-Cadmatic J.J. Sietas managed to reduce the design and engineering time to a minimum.

SCF, Shell Push LNG Fuel for Aframax Tankers

(Photo: SCF Group)

SCF Group signed time-charter agreements with Shell for two dual-fueled Aframax tankers. At a ceremony held during International Petroleum Week in London, the time charter agreements were signed by Evgeny Ambrosov, Senior Executive Vice-President of SCF Group, and Mark Quartermain, Vice-President of Crude Trading for Shell. The vessels are part of a series of six SCF Group tankers currently under construction and due for delivery between Q3 2018 and Q1 2019. The two tankers will be on time charter to Shell for up to 10 years, with a minimum commitment of five years.

MME Inks Deal to Protect Luxury Cruise Vessels

Endeavor (Photo: MME Group)

MME Group has secured multiple orders for solutions that protect the newest generation of luxury cruise vessels built by MV WERFTEN (Germany) against corrosion and marine growth. The yard's "Global Class" and "Endeavor Class" vessels will be outfitted with MME Group's systems. Recently, MME Group inked the deal for the design, supply and commissioning of sacrificial anodes (SA), Impressed Current Cathodic Protection (ICCP) and Impressed Current Anti-Fouling (ICAF) systems for the Endeavor Class luxury expedition yacht (yard number 124) that MV WERFTEN builds for Crystal Cruises.

MOL Posts Highest Profit in Decade in 2017

 INA Offshore platform. Photo: MOL

MOL Group announced its financial results for 2017. MOL increased its EBITDA by 14% comfortably outperforming its 2017 target on the back of a strong financial and operational delivery of all business segments. Organic capex stood at USD 1.04 bln, in line with lowered guidance and slightly higher than in the previous year. MOL continued to generate a massive amount of free cash flow establishing a strong financial framework to cover its ambitious transformational projects. Upstream delivered USD 854 mn EBITDA, a 26% increase in comparison with 2016 arising from higher Brent and gas prices.

Morch Elected to J. Lauritzen BoD

Kristian V. Mørch. Photo: Odfjell SE

Danish shipping company J. Lauritzen adds CEO of Norwegian Odfjell, Kristian V. Mørch, and CFO of the cleaning company ISS, Barbara Plucnar Jensen, into its board of directors. "J. Lauritzen A/S in March 2018, Kristian V. Morch, CEO at Odfjell SE, Norway and Barbara Plucnar Jensen, CFO at ISS UK and Ireland will be elected as new members of the Board of Directors of J. Lauritzen," said a press release from the company. In connection with the upcoming annual general meeting, Marianne Wiinholt, CFO & EVP at Ørsted will resign from the Board of Directors of J. Lauritzen. Kristian V.

DNV GL Lends Support to Walney 3 Offshore Wind Project

Image: DNV GL

DNV GL has secured a role as technical advisor to a group of institutional lenders with their investment of the 659MW Walney Extension. Located off the coast of North West England at Barrow-in-Furness, the Walney Extension offshore wind farm will bring a mix of wind turbine types, featuring 40 MHI Vestas V164 and 47 Siemens SWT-7.0-154 turbines. DNV GL conducted a detailed technical due diligence study and full independent energy production assessment, allowing the group of lenders to develop an understanding of the technical characteristics and risk profile.

Encik Rezza Resigns as ED of Bumi Armada Berhad

Shaharul Rezza. Photo: Bumi Armada Berhad

Malaysia-based international offshore energy facilities and services provider Bumi Armada Berhad has announced the resignation of Encik Shaharul Rezza bin Hassan, Executive Director and Head of Offshore Marine Services (OMS) of Bumi Armada Berhad. Encik Rezza will officially relinquish his roles at the Group on the 28 of February 2018. He has requested an early release from the Group to pursue other interests outside the Group. Rezza joined Bumi Armada in September 2005 and prior to his current role as Head of the OMS business, he was the CFO.

Aegean to Acquire H.E.C. Europe

Aegean Marine Petroleum Network Inc. announced today that it has entered into a definitive agreement to acquire all of the outstanding share capital of H.E.C. Europe Limited (H.E.C.), the parent company of Hellenic Environmental Center S.A. and a group of companies that together provide global port reception facilities services, from the shareholders of H.E.C., for aggregate consideration of approximately $367 million, including the assumption of certain indebtedness, which consideration is payable in the form of a combination of debt, the assignment of certain accounts receivables, cash (determined in accordance with the definitive agreement) and shares of Aegean common stock…

Maritime Reporter Magazine Cover Feb 2018 - Cruise Ship Annual

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