Sietas sold
After an intensive search of over two years, the insolvency administrator Berthold Brinkmann has found a strategic investor for the Sietas Shipyard in Hamburg.
Pella Shipyard from Otradnoye, near St. Petersburg (Russia), is taking over the company this month. 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. The buyer has undertaken to operate Sietas Shipyard as shipyard for a further eight years at least. Pella Shipyard already has orders for the construction of tugs, icebreakers and supply ships, as well as other ships with high level equipment requirements.
Pella Shipyard is buying Sietas Shipyard as part of transferral restructuring, by means of which approximately 120 employees are being kept on and/or re-employed via the Sietas transfer company by the end of April.
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