Future of FSG-Nobiskrug shipyard sites depends on successful search for investors
by Schellenberg & Kirchberg 26 Dec 2024 06:27 PST
Provisional insolvency administrators Dr Christoph Morgen & Hendrik Gittermann with Michael Schmidt, IG Metall, Federal Minister of Economics Robert Habeck, Jan Brandt, Chairman of FSG Works Council & Marcus Stöcken, Chairman of Nobiskrug Works Council © Marianne Lins
The financing of the shipyard sites in Rendsburg and Flensburg is secured until 31 January 2025 via the insolvency substitute benefits and a loan secured by the guarantee bank of the state of Schleswig-Holstein.
- Structured search process for locations in Flensburg and Rendsburg has begun
- Several visits from potential investors have already taken place
- Short-term employment and order prospects for the marine and offshore wind industry of considerable importance
However, the future is dependent on the successful search for investors. These would have to revitalise the sites by completing existing and new orders.
Despite the difficult initial situation, several interested investors have already visited the shipyard sites in Rendsburg and Flensburg within the first ten days after the insolvency proceedings were opened on 12 December. This shows the high strategic importance of shipyards for defence and the energy transition.
Support from Federal Minister of Economics Habeck
The provisional insolvency administrators of the shipyard group reported on this at a press conference in Flensburg on 23 December 2024. The occasion was a visit by Federal Minister of Economics Robert Habeck and a joint discussion with representatives of the trade union IG Metall Küste and works councils from both shipyards. Minister Habeck emphasised the outstanding importance of the shipbuilding industry for Germany and for the North in particular. He assured them of his personal commitment to maintaining the sites.
Time is of the essence, as the shipyards are only financed until the end of January 2025. The provisional insolvency administrators have therefore immediately started looking for investors. "We have already held initial talks with potential investors. Their positive investment decision is dependent on the future capacity utilisation of the sites," said Dr Christoph Morgen (Brinkmann & Partner law firm), provisional insolvency administrator of FSG-Nobiskrug Holding GmbH and Flensburger Schiffbau-Gesellschaft mbH. "In addition to orders for superyachts and the completion of the RoRo ferry in Flensburg, the prospect of future orders for the navy and the offshore wind industry are of particular importance. In this respect, potential investors are hoping for planning security through political commitments," continued Dr Morgen.
There is already great interest in the Rendsburg site, particularly for the construction of superyachts. "This high level of demand in the early phase of the search for investors makes me confident that we will find a viable solution despite the extremely tight schedule," said Hendrik Gittermann (REIMER law firm), provisional insolvency administrator of Nobiskrug Yachts GmbH and FSG Nobiskrug Design GmbH. "I was particularly pleasantly surprised by the many enquiries from abroad. They show that the quality of the superyachts built by Nobiskrug continues to enjoy an excellent reputation worldwide," said Gittermann.
Search for investors continues
The aim of the investor process is to hand over the locations by 1 February 2025, for which the provisional insolvency administrators have brought the experienced M&A consulting firm PwC on board. Interested buyers are invited to get in touch with the responsible PwC partner Timo Klees.
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