Abu Dhabi Mar eyes P+S Werften

P S shipyardSEPTEMBER 3, 2012 — German broadcaster Deutsche Welle says that Abu Dhabi  based shipbuilder Abu Dhabi Mar (ADM) has expressed its interest in taking over P+S Werften, which last week became the latest in the long string of German shipbuilders filing for insolvency (see earlier story).

"We have established contact to P+S and policy makers," Deutsche Well quotes Susanne Wiegand, CEO of the ADM-owned Werft Nobiskrug as saying.

"For us, the acquisition of both locations in the German towns of Wolgast and Stralsund makes perfect sense, and we aim to safeguard as many jobs as possible," Ms. Wiegand added.

Deutsche Well quotes business newspaper Handelsblatt as its source and reports the newspaper as saying the Bremen-based Friedrich Lürssen Shipyard is also interested, but has its sights only on the P+S Wolgast shipyard.

P+S said Friday that the provisional liquidator Berthold Brinkmann has started work, together with the management informed the staff at the sites Stralsund and Wolgast that payments of the insolvency fund could start as early as today.

P+S noted that Mr. Brinkmann has extensive experience in corporate restructurings including working with current P+S CEO Rüdiger Fuchs on the successful restructuring of the Sietas group.

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