Pella Shipyard to acquire Sietas ShipyardYard News // February 11, 2014
After an intensive effort over two years, insolvency administrator Berthold Brinkmann has found a strategic investor for Sietas Shipyard in Hamburg, Germany in the form of Pella Shipyard in Otradnoye, near St Petersburg in Russia, which will take control of the company as of 10 March 2014.
The agreement with Hamburg-based company Terraline GmbH, part of Pella Shipyard Group, has already been concluded but is awaiting approval by 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 at least eight years.
Pella Shipyard currently has orders for the construction of tugs, icebreakers and supply vessels.
Approximately 120 employees will be kept on and/or re-employed at the German yard.
The buyer intends to increase the number of employees at Sietas to at least 400 by the end of 2016 and is planning to invest at least Euros 15 million in it.