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State has initiated procedure for purchasing 51% of Daewoo’s shares at Mangalia Shipyard

de Mariana Bechir , 15.1.2018

The Government approved in the last meeting a memorandum stating that the state will use its preemption right at Mangalia Shipyard and buy the 51% stake owned by Daewoo.

The Government’s decision blocked the intention of Dutch Damen Shipyards Group, the majority shareholders of Damen Galati Shipyard, to take over the shipyard.

“We have to build some frigates and maybe we build them. Others could have built them. Let’s do the maintenance work ourselves as well. We can also build a little boat there. But it is not possible, with so much Danube and sea, for this country to have no shipyard,” Prime Minister explained on Wednesday evening in an interview with Antena 3.

Mihai Tudose says that he noticed another problem in the state’s structure when he initiated this takeover – there are no more specialists left, to know the procedures for such an action.

We have tried, and it seems we shall succeed. To buy back the 51% stake of Daewoo’s shares at the shipyard and said that could exercise the sale preemption right.

And we found with specialists Justice and Finance ministries that the Romanian state does not know how to do this. For one week, we struggled to see how the Romanian state can buy shares, to have a shipyard. I tell you, we take it. We shall have a state-owned shipyard,” Prime Minister Mihai Tudose told for Antena 3.

Dutch Damon business, which wanted the shipyard, is blocked

The Government’s decision blocks the intention of Dutch Damen Shipyards Group, the major shareholders of Damen Galati Shipyard, to take over the shipyard.

Negotiations between Damon and the South Koreans lasted for more than a year and were recently completed with an understanding for the Dutch to pay USD 26 million for the 51% stake in Daewoo Mangalia Heavy Industries, Monitorul de Galati daily writes.

The state will pay this amount if the preemption right is used.

The publication also mentions that it is the second time in the last period when the Dutch Damen group loses business opportunities because of the Romanian state. Ciolos government had initially decided that SN Damen Galati would build four multifunctional corvettes for EUR 1.6 billion, but after the elections, Grindeanu cabinet stopped the procedure, invoking that the rules in force on public procurement have not been met.

We remind two of the conditions imposed at the initiation of the procedure for the acquisition of multifunctional corvettes:

  • ships delivered to be built and equipped within a site in Romania
  • “Consolidation/development of a maintenance centre on the national territory, located at the Black Sea and/or on the maritime Danube, for carrying out the maintenance works on the ships owned by Romanian naval forces”.

In November, Damen Shipyards Group announced that it concluded a contract with Daewoo Shipbuilding & Marine Engineering (DSME), to acquire its majority stake in Daewoo Mangalia Heavy Industries (DMHI), according to a release posted on the Damen website.

Daewoo Shipyard in Mangalia was established in 1997 as a joint venture between Daewoo and Mangalia 2 Mai Shipyard. It covers an area of 980,000 square meters, has three dryers with a total length of 982 meters and a fastening space of 1.6 kilometres.

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