Germany: Offers for Purchase of Peene Shipyard Expected by End of November

Offers for Purchase of Peene Shipyard Expected by End of November

The offers for the purchase of Peene Shipyard are expected to arrive by the end of November.

The Swedish coast guard has concluded a new agreement with the insolvency administrator of P+S WERFTEN, Berthold Brinkmann. This means that both coast guard ships ordered from the Peene shipyard can now be completed. Delivery is planned for February and April 2013.

The orders taken by the Peene shipyard to convert and maintain naval ships will go ahead as planned. For example, on 1 November the tender “Main” of the German navy left the shipyard after a nine-month refitting period for its transfer voyage to Kiel. Furthermore, the administrator has taken on the construction agreement for components of the frigate 125. Construction for the German navy will take place as part of ARGE F125

Thanks to these orders, employment at the Peene shipyard has been secured up to May 2013. The shipyard expects to be awarded more orders – especially from the naval sector. Currently, 400 employees and all 65 trainees work at the Peene shipyard.

There are now several parties with a serious interest in the Peene shipyard in Wolgast, who intend to submit binding offers by the end of November. Conclusion of an agreement is planned by the end of 2012.

To safeguard the bidding process, details will not be released.

Continued construction of DFDS ships in Stralsund decided if guarantees are granted

The insolvency administrator Berthold Brinkmann conducted talks with the DFDS shipping line together with the shipyard director Axel Schulz in order to be able to conclude a new agreement on the completion of the two ro-ro special transports and to build the ships, whose production had already reached an advanced stage. Today, the creditor committee authorised the administrator to negotiate and conclude a new construction agreement with DFDS if the down payment guarantees required for this can be provided. A guarantee credit in the mid-two digit million range is required for the construction of the ships.

It is the goal of the administrator to transfer the financing originally planned for the building period of the offshore construction vessel (down payment guarantees / bank guarantee credit) to the two ro-ro special transporters planned for DFDS, because it is needed there. This is possible in the framework of the liquidation plan, given the scope of the rescue aid granted. Berthold Brinkmann has already submitted a corresponding debtor-in-possession financing application to the State of Mecklenburg Pomerania. Talks with the federal government, the state and the EU are underway.

The administrator is conducting discussions on the ro-pax ferries ordered by the Scandlines shipline.

200 employees currently work at the Volkswerft shipyard in Stralsund in central positions and design, in addition to the 87 trainees employed here.

The insolvency administrator remains involved in numerous talks concerning the sale of the Volkswerft. Indicative offers are requested by the end of November 2012.

Operating company “Volkswerft Stralsund” to be set up

The administrator is involved in negotiations with individuals who want to assume the responsibility for shipbuilding in Stralsund. These persons intend to set up an independent operating company “Volkswerft Stralsund GmbH” in order to carry out the work needed on ships in the Volkswerft. This work is to be done as subcontractors for the insolvency estate and in the context of independent orders – for example, to build the ro-ro special transporters. This represents an interim solution until an investor has been found for the Stralsund shipyard.

Naval Today Staff,November 23, 2012; Image: P+S WERFTEN GmbH

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