Local shipbuilder Abu Dhabi Mar has signed a contract with Germany’s ThyssenKrupp Marine Systems for the acquisition of the Blohm & Voss shipyards in Hamburg, Germany, and the civil shipbuilding facilities of the former HDW Gaarden in Kiel, Germany.
Under the terms of the deal, Abu Dhabi Mar will take an 80 per cent stake in the Hamburg-based Blohm & Voss Repair and Blohm & Voss Industries. The value of the deal has not been disclosed.
The contract is expected to be signed by June, 2010 and will be subject to merger control laws and disclosure requirements under the German Foreign Trade Act.
The two companies also agreed to establish a 50:50 strategic partnership, that will concentrate on the design and project management of naval surface shipbuilding.
Abu Dhabi Mar specialises in the construction of naval ships and civil ships up to a length of 200 metres. The company is owned by Abu Dhabi’s Al-Ain International Group, who has a 70 per cent stake, with the Abu Dhabi investment company Privinvest holding the remaining 30 per cent.