HDW Takes over Hellenic Shipyards

After approval by the European cartel authorities, Howaldtswerke-Deutsche Werft in Kiel (HDW) in consortium with Ferrostaal has taken over the Greek yard Hellenic Shipyards (HSY) in Skaramanga near Athens. Company management will be controlled by HDW, which intends to use the Hellenic Shipyards facilities primarily for building and repair of submarines and naval surface ships. Other planned activities include the repair of merchant vessels to provide employment for the workforce in the interim period.

The yard’s order books currently run to about 614 million €, consisting mainly of two HDW Class 214 submarines with the option to build another one. The submarines are being built from material packages delivered by HDW. It is to be expected that take-over of HSY by HDW will coincide with activating the option for the additional Class 214 boat. HDW is also involved in detailed negotiations with the Hellenic Navy regarding the modernisation of its Class 209 HDW submarines through the installation of a fuel cell propulsion system, while its future subsidiary company HSY is attempting to obtain a contract for the modernisation of 6 Greek frigates at the same time.