Preferred buyer chosen for Croatia’s Uljanik Brodogradnja 1856 yard

Turkey’s Kuzey Star Shipyard has been selected as the preferred buyer for Croatia’s Uljanik Brodogradnja 1856, bringing the Pula shipyard a step closer to private ownership after several years of state-backed restructuring.
Croatia’s Centre for Restructuring and Sale (CERP) accepted a binding offer of EUR 12.05 million, equivalent to approximately USD 13.80 million for four shareholdings representing around 97.13% of the company. The bid exceeded the EUR 11.09 million starting price which was set when the sale process was launched in June.
The transaction remains subject to regulatory approval. As Kuzey Star is based outside the EU, the acquisition must pass Croatia’s foreign investment screening process before the share transfer can be completed. CERP said the sale and transfer agreement would be signed once the necessary approvals are obtained.
Under the terms of the bid, Kuzey Star has committed to maintaining shipbuilding, shiprepair and floating structure construction activities across the entire concession area occupied by the yard.
A competing bid from Luxembourg-based Mira Finance Holding was rejected after CERP determined that the required bid guarantee had not been received.
The proposed sale marks another stage in the restructuring of the historic Croatian shipbuilder, whose financial difficulties came to a head in 2018 when several owners cancelled newbuilding contracts amid concerns over the group’s ability to complete its orderbook. Uljanik Brodogradnja 1856 emerged from the subsequent restructuring process.
According to CERP, the Croatian Government has supported the yard since 2020 through guarantees and loans aimed at stabilising operations and preserving shipbuilding activity in Pula while a strategic investor was sought.