AVAS approves German company

The Authority for State Assets Recovery (AVAS) in Romania agreed to the association of the Mangalia Shipyard with German company Lurssen Lar Investment.

The association is the last stage provided by the ‘restructuring programme’ approved by AVAS for the Mangalia Shipyard. According to the authority, this programme was necessary in the context of the deterioration of financial situation, the increase in debts, the lack of orders and skilled labour. “Average gross wages at shipyard level are very low in comparison with the offer in the area, so that a part of the skilled labour force left. There is a lack of resources for keeping the inventory for the defence production and the financial resources to carry out investments in order to increase attractiveness at privatisation”, the AVAS statement said.

The Mangalia Shipyard published the association request in February, and only one offer was registered by the deadline from the German company Lurssen Lar Investment GmbH. The tender selection and evaluation committee found that the company LAR met the qualification criteria.

In early August, AVAS president, Teodor Atanasiu, said that AVAS would not abandon the privatisation of the Mangalia Shipyard, despite the partnership between the shipyard and a German company in that industry. According to the quoted source, bids for the privatisation option will be sought soon. The main activity of the Mangalia Shipyard consists of construction and repair of ships. The Romanian government, through AVAS, owns the whole stake of shares in the shipyard.