Damen Shipyards Group has completed the acquisition of Daewoo Shipbuilding & Marine Engineering’s (DSME) majority stake in the Mangalia shipyard, Romania.

The acquisition is based on a share purchase agreement reached between Damen and DSME in November last year.

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Formerly known as Daewoo Mangalia Heavy Industries (DMHI), the newly acquired shipyard is situated on the Black Sea coast and has three drydocks with a total length of 982m and 1.6km of berthing space.

The shipyard will be renamed as Damen Shipyards Mangalia and will operate as a joint venture between Damen and the Government of Romania.

Damen will assume operational control of the yard, which comprises 48m and 60m wide docks that are capable of handling larger maritime vessels and structures.

“Damen aims to restore the financial health of the yard, stabilise employment and pursue fitting commercial opportunities internationally.”

Sprawling across an area of around 1,000,000m², the shipyard is the largest of its kind within the portfolio of Damen Shipyards Group.

Damen Shipyards Group executive board member and chief financial officer Frank Eggink said: “We will face a challenging period, considering the yard’s current condition.

“However, with the full support of the Romanian Government, 2MMS, the shipyard’s experienced workforce, and the local community, Damen aims to restore the financial health of the yard, stabilise employment and pursue fitting commercial opportunities internationally that will contribute to rebuilding activity levels.

“In the meantime, Damen will facilitate a smooth transition and keep talented and skilled resources meaningfully employed.”

Damen said that the deal represents a ‘strategic complement’ to its existing shipyard portfolio and may use the new yard for the construction and conversion of larger, high-end, and complex ferries, offshore construction vessels, among others.