The Romanian government and Damen Shipyards have found a compromise in the tussle for control and the future of the country’s largest shipyard.
The Dutch group has agreed to hand over another 2% of Daewoo Mangalia Heavy Industries (DMHI) to the government, giving the state majority control of the yard.
In November, Damen entered into an agreement with Daewoo Shipbuilding & Marine Engineering (DSME) to buy its 51% share in DMHI for an undisclosed sum. The deal though was held up as the Romanian government sought to wrest overall control of the yard, which is deemed a strategic interest. The deal hatched last week ensures the yard will continue as a going concern.
“For the first time in the last 28 years the Romanian state takes control of a privatised strategic industrial objective. As a majority shareholder we can effectively protect the interests of the Romanian state and we can also protect the highly qualified labour force at the shipyard,” economy minister Danut Andrusca said in a statement.
The shipyard is one of the largest in Europe with three drydocks and becomes the largest in Damen’s portfolio. Damen already has a yard in Romania at Galati on the banks of the Danube River.