Genting Group acquires Nordic Yards

The takeover contract was signed earlier this month in Hamburg. After the applicable checks by authorities in the coming weeks, Nordic Yards said, the takeover will become final and business operations transferred to the Genting Group.
Genting, a conglomerate that operates worldwide, acquired all the shares in Bremerhaven’s Lloyd Werft at the start of the year, so it will now own four shipyards in northern Germany.
Traditionally a specialist in the design and construction of high-technology vessels for Arctic deployment and logistics, Nordic Yards said its new focus would be on cruise ships in response to stagnating or even declining developments in the fields of offshore wind, offshore oil and gas, as well as in the Russian market.
Star Cruises, the world's third-largest cruise operator, as well as Dream Cruises, Crystal Cruises and Norwegian Cruise Line are all part of the Genting Group.
According to Nordic Yards, none of its workers face redundancy.
“For me it went without saying that every member of the workforce should be kept on and their know-how and experience retained, so that the contribution made by the maritime industry can be safeguarded for the region in the long term,” remarked Herbert Aly, managing director of Nordic Yards.
The company said transfer of the workforce – a total of some 1,400 people are employed at the three shipyards – would be implemented in several phases linked to progress on the DolWin gamma offshore converter platform that Nordic Yards is currently building in the North Sea for the GE group.
“Nordic Yards will meet its contractual obligations towards GE," Aly said.
Since Russian investor Vitaly Yusufov took over the shipbuilder in 2009, more than 1,400 jobs have been created at the three locations, according to Nordic Yards. It said it had built and delivered to Siemens three offshore converter platforms under Yusufov's ownership, and constructed vessels including an Arctic tanker, an offshore maintenance vessel and two icebreaking rescue ships.