Romania’s Orșova Shipyard signs contracts for five river vessels

Romania’s Orșova Shipyard (BVB: SNO) has concluded five external contracts for the construction of five river vessels, with the total value of the contracts amounting to EUR 22.2 million, according to a report submitted to the Bucharest Stock Exchange.

The contracts are commercial in nature and have an intra-community delivery, but the buyer cannot be disclosed due to a confidentiality clause. Delivery must be complete by 2027, and the buyer will pay an advance based on a bank guarantee letter for the repayment of the advance, while the remaining amount will be paid after the vessels arrive at the delivery location.

Orșova Shipyard was established in 1890 as a small workshop for repairing ships involved in the construction of the navigable canal at the Iron Gates – Yugoslavia SIP, but it experienced significant development only after 1991, when its organizational form and name were changed, and the joint-stock company SC Șantierul Naval Orșova SA was established.

In 1998, after being listed on the Bucharest Stock Exchange, the company became 100% privately owned. The main activity of the company is the construction and repair of ships and floating structures at the headquarters in Orșova, while the operations of the Constanța-Agigea branch are mainly focused on the rental of technical vessels.

Traditional clients of Orșova Shipyard include companies from the Netherlands, Germany, Belgium, France, and Austria. The company employs around 350 people and has a market capitalization of RON 88 million (EUR 17.3 million).

(Photo source: Bogdanel Vacarciuc | Dreamstime.com)