Damen Shipyards Mangalia, the operator of the Romanian shipyard of the same name, which has been under insolvency since June 2024, has submitted, through the judicial administrator CITR, a reorganization plan, marking the official entry into the decisive stage of the restructuring process. 

In the context, ProTV reports that a delegation from the German company Rheinmetall has visited the shipyards.

Rheinmetall officials previously visited Mangalia shipyards last summer at the invitation of the Ministry of Economy. The visions of the German company and the Romanian authorities do not fully coincide, but there is potential for further negotiations.

Damen Mangalia is indirectly controlled by the Ministry of Economy through the state-owned company Şantierul Naval 2 Mai, which has 51% of the capital. The Dutch group Damen Holding holds the remaining 49% of the shares and has managed the company until recently, when it decided to pull out.

The restructuring plan envisages the shipyard resuming activity after a strategic investor is found, according to Profit.ro, citing the reorganization plan. Rheinmetall, which is consolidating its naval division, does not reportedly seek permanent commitment, but project-based cooperation. 

Transparent procedures will be launched to find a strategic investor at Mangalia shipyards, while, at the same time, the shipyard’s management will seek contracts to secure continuous operations according to the restructuring plan.

The priority is to attract a strategic investor, in order to support industrial processes and retain the specialized workforce - a competitive advantage of the construction site - and an international tender will be organized, under conditions of maximum transparency and competitiveness, according to the plan.

Sources familiar with Rheinmetall’s visit to Mangalia said that the German company’s delegation analyzed the possibility of developing shipbuilding capacities in Romania, but the company would not be interested in taking over the entire shipyard. The interest would rather be aimed at using the facilities for specific projects, especially in the military field.

In their turn, the Romanian authorities would seek a permanent deal with a strategic investor, and are ready to make available for this part of the EUR 16  billion defense contracts under the SAFE scheme. Through the SAFE program, the Romanian state intends to build four ships, including two combat ships and two ships for military divers, a project included in the naval forces modernization program.

Rheinmetall is already present in the country as it acquired a factory for military vehicles in Mediaș. They also have a maintenance center and service hub in Satu Mare, for German equipment sent to Ukraine. In addition, they will build a powder factory for ammunition in Victoria.

(Photo: Damen)

iulian@romania-insider.com