Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Russian yard Pellas to buy insolvent Sietas Shipyard

Russian yard Pellas to buy insolvent Sietas Shipyard
Russia’s Pellas Shipyard is to takeover insolvent German yard Sietas Shipyard with a commitment to invest EUR15m.

Pellas is taking over Sietas in Hamburg from insolvency administrator Berthold Brinkmann, which has ran the yard for the past two years while searching for a strategic investor.

Pellas is to takeover the yard on 10 March subject to approval from creditor committees and banks. The Hamburg yard is to be renamed Pellas Sietas and all 120 employees will be kept on or re-employed.

Sietas plans to invest EUR15m in the yard by the end of 2016 and increase its number of employees to 400.

“I am delighted that we have found a strategic investor for Sietas Shipyard in the company Pella Shipyard. It is not only acquiring one of Hamburg’s long-established maritime companies, but also securing the expertise of the experienced Sietas employees,” said administrator Berthold Brinkmann.

Sietas is set to deliver its first offshore wind jack-up installation vessel soon.