A number of 2,600 employees will be laid off as a result of the shipyard’s closedown.
Daewoo group’s president Jung Seong-rip has previously said that Daewoo must restructure all the subsidiaries not related to ship construction. Korea Development Bank (KDB), the main stockholder of Daewoo Shipbuilding & Marine Engineering, said the restructuring process should also include Mangalia shipyard.
DMHI posted a record high loss of 706 million lei (EUR160.4 million) in 2014, seven-fold higher from a year before, according to Trade Registry data.
“«2 Mai» Mangalia shipyard, the partner (e.n. minority stockholder) of Daewoo Shipbuilding & Marine Engineering, which owns 49% in Daewoo-Mangalia Heavy Industries’ shares, doesn’t have an official stance from its majority stockholder regarding a possible liquidation of Daewoo-Mangalia Heavy Industries,“ Economy Ministry’s representatives said at ZF’s request.
According to Economy Ministry’s representatives, Daewoo-Mangalia Heavy Industries considerably increased its results from exploitation in the first half of 2015 and concluded ship construction contracts due in 2017.
“The revenue (e.n. of the shipyard) is seen at over $500 million in 2015, almost double compared with $280 million in 2014. The shipyard’s revenue was $234.2 million end-June 2015,“ according to Economy Ministry’s representatives.
Daewoo Shipbuilding & Marine Engineering owns a 50.99% stake in DMHI since 1997. Shipyard 2 Mai Man¬galia, owned by the Economy Ministry, owns a 48.99% in DMHI, while the rest of the shares are split up between three Korean investors.
Daewoo-Mangalia Heavy Industries’ only official notification from its main stockholder “does not refer to sales of liquidations of DSME subsidiaries, but to the upcoming audit of the financial records.“
In august 2014, Mangalia shipyard’s representatives said the value of contracts under development totaled $1.34 billion, the company thus ranking 3rd in Europe by the volume of activities and 1st by size on the commercial shipyards constructions sector.
(English version by Manuela Panescu)