Norway's Fosen Yard is taking over the bankrupt Nordseewerke Emden Shipyard (NES) in Germany.
The shipbuilder said it had struck a deal with an investment group comprising Deutsche Industrieanlagen and Patrick Hennings-Huep, the previous owner of NES, to establish Fosen Nordseewerke using its 85 workers.
Fosen will form "an international shipbuilding group covering the complete value chain from design, engineering, hull construction, outfitting, commissioning and final delivery," it added.
The group will be able to serve clients in all segments of shipbuilding, it said.
Fosen, a passengership specialist, said NES has retained its know-how in building and refitting and will bring this knowledge to the newly formed business.
It foresees synergies in the combination.
Patrick Hennings-Huep said: “We are very happy to have partnered with Fosen, a very internationally minded partner with strong ties in the industry.
"The combination of design and shipbuilding competence will help to create more jobs at the new Fosen Nordseewerke and make the European map for shipbuilding more diverse.”
Anders Straumsheim, CEO of Fosen: added: “We are delighted to now be able to offer control of the full value chain solution to our current and potential clients again.
"The Fosen Nordseewerke and Fosen Yard will become a complete setup utilising the synergies and complementary skills and competences across both companies. I am looking very much forward to get to know the operations and employees at Fosen Norseewerke better, and to start working together with them building our common future.
51% stake acquired
Norwegian media cited Straumsheim as saying Fosen has bought a 51% stake in NES.
Fosen Yard itself went bankrupt under previous ownership three years ago.
NES meanwhile filed for insolvency in August after its deal to provide cruiseship hull blocks for Meyer Werft ended.
Former owners of the site had declared the yard insolvent in 2012 and 2015.
The current incarnation was founded after the second bankruptcy.
It had a deal in place until the end of August to provide ship sections to its compatriot.
But a report cited a Meyer Werft spokesperson as saying Meyer Werft did not want to extend the contract due to "substantial problems" with the partnership and timely deliveries.
