June 27, 2019
Flensburg Shipyard Awaits Finance To Finish Three Ro-Pax Ferries
Siem Industries published its annual report, which included a chapter about the shipyard in Flensburg.
- For the fiscal year 2018, Flensburger Schiffbau-GmbH & Co KG had revenues of EUR 213 million, an EBITDA of EUR -102 million, and a net loss of EUR -111 million.
- B YEATS was delivered substantially late at the end of 2018 at a material loss caused mainly by the lack of performance by subcontractors.
- FSG contracted for four additional vessels during 2018 including two passenger ferries and two ro-ro carriers.
- The current backlog is approximately EUR 860 million consisting of four Ro-Pax vessels and two Ro-Ro vessels.
- One Ro-Pax vessel (HONFLEUR) is in the advanced construction stage and should be delivered by early 2020.
- The remaining three Ro-Pax vessels are delayed and awaiting construction finance.
- Siem’s ownership of FSG is considered as non-core and new equity in FSG was raised in Q1 by a private placement which diluted the Company’s holding in FSG to 24%.
- Changes in the yard’s management were implemented in early 2019.