IG Metall Union Satisfied With Winds Of Change After FSG Acquisition By Lars Windhorst

By | 2019 Newsletter week 37 | No Comments

Trade union leader Michael Schmidt speaks of a “completely different culture of communication,” after the full take-over of the Flensburg shipyard by investor Lars Windhorst.
Managing Director Alex Gregg-Smith briefed employees on Windhorst’s Tennor Holding plans, possible future construction programs and work.

“Gregg-Smith was very open to us. This is a completely different culture of communication,” said the union spokesman. A positive wind of change.

FERRY FINANCE

By | 2019 Newsletter week 26 | No Comments

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.

Some highlights:

  • 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.

Financial Investor Lars Windhorst Rescues Flensburg Shipyard

By | 2019 Newsletter week 7 | No Comments

Financial investor Lars Windhorst has thrown out a lifeline to the German shipyard by acquiring the majority of FSG.

Windhorst’s Sapinda Holding B.V. took over 76% of the shares, said previous owner, the Norwegian company Siem.

Some EUR 33 million of fresh equity will also be put by Windhorst’s holding into the yard.

In addition, Siem has issued FSG ten million in arrears, which were converted into new shares.

According to its own statements, Siem wants to remain an active shareholder with a majority in FSG’s advisory board.

As late as January, the FSG had difficulties paying their salaries to shipyard employees, including 650 full-time employees. The parent company Siem Industries finally had to step in.

The order books of the FSG are filled until 2021. In total, there are orders for seven ships with a contract volume of one billion euros.

With agency material

Troubled Flensburg Shipyard Has A Future

By | 2019 Newsletter week 6 | No Comments

Last week it was reported how Flensburger Schiffbau-Geselschafft got into liquidity problems.

Siem Industries Group, the Norwegian owner of FSG has now taken several steps to get the yard out of the trouble zone.

The CEO, Rudiger Fuchs, has left the company, and Siem’s Alexander Gregg-Smith took over. He was already FSG’s interim CEO in 2016.

Employees and suppliers are being paid by Siem.

The shipyard has a healthy orderbook. State guarantees are being negotiated.

Flensburg Shipyard Has Officially Started To Build The New Brittany Ferries Flagship

By | 2018 Newsletter week 11 | No Comments

The construction of the first LNG-powered ferry on the Channel has started at the FSG shipyard in Flensburg on Monday, March 12.
In a bit more than a year the HONFLEUR will be the new flagship for Brittany Ferries.
She’ll operate on the core route Caen – Portsmouth.

The photo shows the key participants at the first steel cutting ceremony. From left to right: Dirk Hemsen (Project Manager), Arnaud Le Poulichet (Technical Director Brittany Ferries), Rüdiger Fuchs (CEO FSG), Corinne Vintner (Director of Legal Affairs Brittany Ferries), Christophe Mathieu (CEO Brittany Ferries), Frédéric Pouget (Fleet & Ops Director Brittany Ferries), and Brice Robinson (Naval Architect Brittany Ferries).