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  • 2008 July 9 06:05

    Norwegians close to privatize Szczecin shipyard

    Mostostal Chojnice and Ulstein Verft have been numerous times enumerated as potential investors for SSN shipyard in Szczecin, a state-owned company in difficulties. The two companies have now decided to cooperate.
    “We have signed a letter of intent and we will propose a restructuring program together”, Marcin Garus, Mostostal Chojnice CEO said.
    The company is subsidiary of KEM steel distributor.
    The plan is supposed to be approved of today. Polish shipyards must be privatized till the mid of this month. Ulstein Verft is an important contractor for Polish companies. It is also a key partner of Maritime Shipyards, a company owned by Janusz Baran businessman who is interested in Stocznia Gdynia shipyard. Maritim Shipyard needs fresh capital but its contracts with Ulstein Verft prove its future looks quite good. SSN is supposed to generate PLN 300m (EUR 90.3m) of losses from unprofitable contracts.
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