AD Ports buys Astilleros Balenciaga to expand Mediterranean footprint
The yard will operate as Balenciaga Shipyard following the acquisition (Source: Astilleros Balenciaga)
Abu Dhabi-based AD Ports Group has acquired the Spanish shipyard Astilleros Balenciaga for EUR 11.2 million as part of its strategy to expand in the Mediterranean and strengthen its capabilities for offshore services. The yard, located near Bilbao and founded in 1921, will operate as Balenciaga Shipyard under AD Ports’ Safeen Drydocks subsidiary.
The facility has both shipbuilding and shiprepair capacity, including two drydocks, a 105m slipway, a fabrication factory and a cutting plant. It works on tugs, offshore support vessels, fishing vessels, cargo ships and product carriers, and has developed a specialism in service operation vessels for offshore wind.
AD Ports acquired the yard through its Noatum Maritime group. Safeen Drydocks, launched in June 2023 as a joint venture majority-owned by AD Ports, already operates a 45,000m2 facility at Khalifa Port with a 350m repair berth and a floating dry dock.
The Spanish acquisition supports AD Ports’ wider push into offshore wind and marine services in Europe, including its partnership with Masdar (Abu Dhabi Future Energy Company). The group said it plans to consolidate operations in Spain and the wider Mediterranean region using Balenciaga’s fabrication and repair capabilities.
