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Damen Shipyards Group Completes Negotiations with the Romanian Government

Source: www.gulfoilandgas.com 3/24/2018, Location: Europe

Negotiations between Damen Shipyards Group and the Romanian Government on the Mangalia shipyard were completed on the evening of March 21st. René H. Berkvens, CEO: “We are very pleased with the positive and constructive discussions held with Mr. Andru?c?, the Romanian Minister of Economy, and his team.

We look forward to a positive result of the shareholders’ vote at the extraordinary shareholders meeting of March 30th, where hopefully the pre-emption right will be waived. This is the key hurdle in the process towards a long term strategic partnership with the Romanian Government.” The Mangalia shipyard is known as Daewoo Mangalia Heavy Industries (DMHI). Currently Daewoo Shipbuilding & Marine Engineering (DSME) owns 51% of the shares in the yard.

On November 10th, 2017, Damen signed a share purchase agreement for the acquisition of DSME’s shareholding in DMHI, subject to the Romanian Government’s pre-emption right (through its shareholding in Santierul Naval “2 Mai” SA Mangalia). Following productive and conclusive negotiations on long-term strategic partnership with senior officials of the Romanian Government, the waiver of the pre-emption right is expected to be made public by the end of March. Subsequently, the successful completion of the transaction is expected shortly thereafter.

“Together with the great support of the Romanian Government, Damen will restore the financial health of the yard, rebuild employment numbers and increase activity levels of high-end projects. In the meantime, Damen will facilitate a smooth transition and keep talented and skilled resources meaningfully employed,” says Mr Berkvens.

Damen’s commitment to the Romanian shipbuilding industry is well established. The company has owned and operated Damen Shipyards Galati since 1999.

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