P&S will finish newbuilds, says receiver

But nearly all contracts will have to be re-negotiated. Provisional insolvency administrator Berthold Brinkmann made the promise after his team, aided by P&S MD Rüdiger Fuchs, started work on sorting out the cash and delivery problems at P&S.

The group, which comprises the former Volkswerft in Stralsund and Peene-Werft in Wolgast, filed for insolvency after failing at talks with stakeholders to reach an out-of-court solution of financial and delivery problems. Those problems were only recently admitted by the yards, but had been increasingly apparent to most observers for some time.

A statement said: “It is intended to complete the ships already under build and work off existing naval repair and maintenance contracts”. Brinkmann added “the immediate task however will be to re-negotiate almost all existing orders, as well as acquire new ones. Because of this SMM in Hamburg will be an important platform this year for P&S”.

Royal Arctic Line told The Motorship it was “awaiting a plan” from Brinkmann covering the delivery of five ordered container/supply ships, already months overdue. They are now likely to be delayed into 2013, as are two ro-ro ferries for DFDS. Insolvency had added “further uncertainty to the yard’s ability to fulfil the contract”, the Danes said.

Media reports claimed long-standing problems with the construction of Scandlines’ two much-delayed passenger ferries Berlin and Copenhagen. The reports said officials had confirmed Berlin was overweight by 200 tons meaning smaller loads, different ports of call and a lower price tag.

Brinkmann and Fuchs earlier this year handled the sale of the J.J. Sietas Group and the sale of P&S yards is now also one of the options facing them. The sale of viable Peene Werft has already been mentioned.

According to German media reports, Abu Dhabi Mar – which already owns Nobiskrug in Rendsburg and the former HDW Kiel Gaarden, but failed to acquire Blohm + Voss – is interested in both P&S yards. Rostock’s Werft Tamsen is said to be interested in the naval newbuilding and repair sectors of Peene-Werft.