February 8, 2019

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.