Odense sells Loksa shipyard

Odense Steel Shipyard A/S has entered into agreement regarding the sale of its Estonian subsidiary Loksa Shipyard AS. The buyer is a consortium consisting of AS Frelok, Crown Solution OU and Stako Diler OU. Ownership will be fully Estonian and the buyers are experienced players in the Baltic steel industry. Ownership will be transferred at the end of October 2009. The orders placed by Odense Steel Shipyard with the yard, which has 550 employees, will remain. Odense Steel Shipyard took over Loksa Shipyard in 1994 as part of an investment plan in the Baltic countries, and since then the shipyard has supplied hatch covers and other steel structures to the assembly plant in Odense. The price has not been disclosed.