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.
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