According to shipbuilding industry sources cited by the Korean paper, on June 30 Daewoo was in the final stage of talks with Damen Shipyards Group, the Netherlands’ largest shipbuilding company, in selling Mangalia Shipyard.
Established in 1997 jointly with the Romanian government, the shipyard is 51% owned by Daewoo and 49% by the government. The shipyard, located 45 kilometers south of Constanta on the Black Sea coast, has so far built 127 crude carriers and containers and repaired more than 300 ships.
Daewoo Shipbuilding started talks to sell off the shipyard last year, as part of an effort to restructure its worldwide business assets. A shipbuilding industry official commented: “The price negotiation between Daewoo and Damen has already completed and what’s left is the Romanian government’s go-ahead.”
Once the deal goes through as planned, Daewoo will be able to secure 50-80 billion won (43-70 million US dollars) from the transaction.