Latest on P&S insolvency

At Stralsund, the yard’s future depends primarily on a new agreement being reached on a guarantee payment to ensure completion of the two ro-ro ships for DFDS. Reports suggest that the administrators will require a guarantee in the two-digit million euro range. Insolvency administrator Berthold Brinkmann expects to be able to transfer the finance planned to cover the build period of an OCV to the two DFDS ships, and is in discussion with local and national governments and the EU. The administrator is conducting discussions on the ro-pax ferries ordered by Scandlines.

To enable the yard to continue, an independent operating company, Volkswerft Stralsund GmbH, will be established to act as subcontractor for the insolvency estate, as an interim solution until an investor has been found. Mr Brinkmann hopes to receive offers by the end of November.

The Swedish coast guard has concluded a new agreement with Mr Brinkmann, which will allow completion of the two coast guard ships ordered from Peene. Delivery is planned for February and April 2013. Other orders at the yard, for conversion and maintenance of naval vessels, are continuing as originally planned, with German Navy tender Main having left the yard earlier in the month after a nine-month refit. Peene is also constructing components for the F125 frigate programme, and these orders are expected to provide employment at the yard up to May 2013. The administrator expects agreement on offers for the yard by the end of 2012.