Shipowners are taking over Dutch shipbuilding group Royal IHC in a deal with its banks.
The company said "a leading maritime" consortium will own the business as part of a refinancing.
Members comprise its Benelux industrial partners from the dredging and offshore sectors: Luxembourg fund HAL Investments, Belgian fund Ackermans & van Haaren, and shipowners Van Oord and Huisman.
The yard has an orderbook of 35 vessels, including dredgers, a pipe-layer and two work boats.
The deal is being supported by the existing syndicate of three major Dutch banks, the Dutch ministries of Economic Affairs and Climate Policy and Finance, and credit insurer Atradius Dutch State Business.
Gerben Eggink will lead the new phase as interim CEO of Royal IHC, with Dave Vander Heyde stepping down.
The move gives dredger specialist Royal IHC, "as an important Dutch maritime player with a strong balance sheet, a new perspective for the future," the yard said.
The new owners want to preserve the group's technology and its position in the local maritime cluster.
Government support
It is being made possible by a short-term bridging loan and guarantee facility from the state, plus export credit assurance.
Reuters reported the government is providing $435m.
IHC had been looking for fresh capital since last year as it faced mounting debt and heavy losses on specialist vessels.
Jaap Huijskes, chairman of Royal IHC, said the transaction "demonstrates the confidence of many stakeholders in - and their commitment to - Royal IHC's high-quality shipbuilding.
"This is an important step for the continuity of shipbuilding in the Netherlands, including employment opportunities and the sector’s global export position. We are convinced that, with this agreement, we will strengthen Royal IHC’s innovative power and the leading position it has held in the maritime sector for more than 350 years.”
Shipping experience
New CEO Eggink has extensive experience in successfully leading organisations in transition, Royal IHC said.
He has previously served as CEO at Gardline Group and Smit Lamnalco, among others.
Former Shell executive Paul van der Harten has been appointed as CFO.
Huijskes added: "In Gerben Eggink, we are bringing in a new, versatile CEO who has more than proved himself in the maritime sector.
"On behalf of the entire supervisory board and the employees of Royal IHC, I would like to thank Dave Vander Heyde for his longstanding commitment to IHC.
"Dave has led the company in very challenging market conditions. He played an important role in the creation of the industry consortium, and renewed agreements and contracts with customers.",
The chairman added: "With this heads of agreement he leaves a strengthened IHC that can look forward to the future with confidence. We wish him all the best with his future plans.”
Atradius Dutch State Business, as trade credit insurer, has pledged its full support for future export projects, the yard said.
Eggink himself said: "It is great news that Royal IHC is retained as an innovative player for its customers and for the Netherlands. I am looking forward to working hard with colleagues to restore the profitability of the business, while maintaining our high quality and the satisfaction of our customers for the solutions Royal IHC delivers."
He added: "That will require a major effort from everyone, especially in these difficult times worldwide. But Royal IHC is more than worth it."
Privately held IHC, which has around 3,000 employees, reported a loss of €80.6m ($87m) on sales of €942m in 2018.
