Lürssen seeks to acquire Nobiskrug, FSG confirms sale to Heinrich Rönner Group
The insolvency administrators of the Flensburger Schiffbau-Gesellschaft FSG shipyard have announced interest from multiple investors in the shipbuilding group.
German shipbuilding is in the process of negotiating acquisitions to break out of bankruptcy. The Flensburger Schiffbau-Gesellschaft (FSG) shipyard has been sold to the Heinrich Rönner family group, while the Bremen-based Lürssen Group has submitted a formal offer to acquire Nobiskrug, which has been part of FSG since 2021.
The Heinrich Rönner Group, which also owns the German Lloyd-Werft shipyard, is expected to absorb FSG's facility in Flensburg, Germany, along with the shipyard's current workforce. Meanwhile, Lürssen will acquire FSG's Rendsburg shipyard, while Nobiskrug will operate the nearby Lürssen-Kröger shipyard.
FSG sources believe that the group's provisional insolvency administrators, Hendrik Gittermann and Christoph Morgen, are ready to accept these offers the week after the bankruptcy proceedings are opened.
“We were able to find two renowned strategic investors for FSG and Nobiskrug within an extremely short timeframe of just seven weeks,” Morgen said, adding that the Flensburg shipyard is ready to resume construction of an LNG-powered RoRo (roll-on/roll-off) vessel for the Australian shipping company SeaRoad.
In mid-January, Nobiskrug announced it had received several offers from potential investors during a state visit at the invitation of the IG Metall Rendsburg workers' union. Meanwhile, Gitterman expressed his satisfaction with reaching an agreement that promises a secure future for both the Rendsburg plant and Nobiskrug. "We are delighted," the liquidator said, "that the acquisition by Lürssen has created a long-term perspective for Rendsburg. The traditional company is a perfect fit for Nobiskrug. Furthermore, the capabilities and locations of the two shipyards complement each other almost perfectly."
"Nobiskrug will remain a shipyard and industrial yard. This is good news," said Martin Bitter, president of the IG Metall Rendsburg workers' union, "in these uncertain times. With Lürssen, we have a buyer with the financial capacity and expertise to bring the shipyard back to a safer place."
The shipyard's insolvency proceedings involve four companies belonging to FSG-Nobiskrug, acquired by Lars Windhorst's Tennor Group in 2021, including Nobiskrug Yachts and Nobiskrug Design. The proceedings are scheduled to open on February 1st, when the insolvency benefits for the approximately 500 employees are also expected to expire.
Despite the result, Nobiskrug's administrators stated that before fully resuming operations, "extensive preparatory work" is required. This includes obtaining permits and TÜV certifications, renovating buildings, equipping facilities, and procuring materials. This process could take several months. During this period, all employees will be transferred to a relocation company, where they will receive 80% of their previous net salary. The administrators were also in talks with the Schleswig-Hostein state government to provide additional funding beyond January 31.
Nobiskrug has three yachts on its orderbook: the 83-meter Project Orkan, the 80-meter Project Bullseye, and the 77,1-meter Project Black Shark. The latter was sold in 2018, but was delayed in 2021 following the shipyard's initial insolvency.
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A workshop for captains and crews organized by SUPER YACHT 24 on February 18th in Genoa
