Damen Shipyards Group has entered into a share purchase agreement with Daewoo Shipbuilding & Marine Engineering to acquire its majority share in Daewoo Mangalia Heavy Industries (DMHI).
The Daewoo shipyard in Mangalia, Romania was established as a joint venture between Daewoo and 2 Mai Mangalia Shipyard in 1997 with Daewoo as majority shareholder.
The yard is spread over an area of 980,000 square metres and has three drydocks with a total length of 982 metres, as well as 1.6 kilometres of berthing space.
Damen’s largest shipyard is located in Galati, Romania on the banks of the Danube river. Once the DMHI share purchase deal has closed, the Mangalia yard will be the second-largest in the company’s portfolio.
Romanian competition authorities have already approved the transaction. According to a company statement, Damen is also holding meetings with the country’s government in relation to future cooperation in Mangalia and the continued development of the Romanian shipbuilding industry.