Flensburg Shipyard FSG Sells Semi-Finished Hull 774
It has been confirmed that ship owner and former shipyard owner Christian Siem has given money to acquire the unfinished ferry under construction for Brittany Ferries (and rejected).
What the Norwegian entrepreneur intends to do with the ferry and how much he has paid is unclear, however. The only thing that is certain is that it will not be completed in Flensburg.
Sales Contract Signed: Investor Lars Windhorst Gives Shipbuilding in Flensburg a Future
There is hope for the insolvent Flensburg shipyard. Tennor Holding founder Lars Windhorst is honouring his promise to stand by the FSG, by announcing the following measures:
The new ropax under construction in Flensburg is expected in autumn. This is one year later than planned.
Trade union leader Michael Schmidt speaks of a “completely different culture of communication,” after the full take-over of the Flensburg shipyard by investor Lars Windhorst.
Managing Director Alex Gregg-Smith briefed employees on Windhorst’s Tennor Holding plans, possible future construction programs and work.
“Gregg-Smith was very open to us. This is a completely different culture of communication,” said the union spokesman. A positive wind of change.
Flensburg Shipyard Awaits Finance To Finish Three Ro-Pax Ferries
Siem Industries published its annual report, which included a chapter about the shipyard in Flensburg.
Some highlights:
Financial investor Lars Windhorst has thrown out a lifeline to the German shipyard by acquiring the majority of FSG.
Windhorst’s Sapinda Holding B.V. took over 76% of the shares, said previous owner, the Norwegian company Siem.
Some EUR 33 million of fresh equity will also be put by Windhorst’s holding into the yard.
In addition, Siem has issued FSG ten million in arrears, which were converted into new shares.
According to its own statements, Siem wants to remain an active shareholder with a majority in FSG’s advisory board.
As late as January, the FSG had difficulties paying their salaries to shipyard employees, including 650 full-time employees. The parent company Siem Industries finally had to step in.
The order books of the FSG are filled until 2021. In total, there are orders for seven ships with a contract volume of one billion euros.
With agency material
Last week it was reported how Flensburger Schiffbau-Geselschafft got into liquidity problems.
Siem Industries Group, the Norwegian owner of FSG has now taken several steps to get the yard out of the trouble zone.
The CEO, Rudiger Fuchs, has left the company, and Siem’s Alexander Gregg-Smith took over. He was already FSG’s interim CEO in 2016.
Employees and suppliers are being paid by Siem.
The shipyard has a healthy orderbook. State guarantees are being negotiated.
The construction of the first LNG-powered ferry on the Channel has started at the FSG shipyard in Flensburg on Monday, March 12.
In a bit more than a year the HONFLEUR will be the new flagship for Brittany Ferries.
She’ll operate on the core route Caen – Portsmouth.
The photo shows the key participants at the first steel cutting ceremony. From left to right: Dirk Hemsen (Project Manager), Arnaud Le Poulichet (Technical Director Brittany Ferries), Rüdiger Fuchs (CEO FSG), Corinne Vintner (Director of Legal Affairs Brittany Ferries), Christophe Mathieu (CEO Brittany Ferries), Frédéric Pouget (Fleet & Ops Director Brittany Ferries), and Brice Robinson (Naval Architect Brittany Ferries).
