ThyssenKrupp Marine Systems and Abu Dhabi MAR Group report that they have recently signed a Memorandum of Understanding on a close strategic partnership, that would seem to have significant implications for the superyacht industry. The partnership itself will see the establishment of a 50:50 joint venture for the construction of naval surface ships. According to the material sent out, this will see ThyssenKrupp retain the lead role and the know-how in all projects with the German Navy and the NATO partners, while Abu Dhabi MAR Group will be responsible for the Middle East & North Africa.

In terms of the superyacht aspect to this development, the agreement should see Abu Dhabi MAR Group take a greater role in superyacht repair and the business of ships' components. This will be achieved through the Group taking a 80% stake in each of the companies: Blohm + Voss Shipyards, Blohm + Voss Repair and Blohm + Voss Industries. Importantly, this serves to show that some online reports at the end of September citing Blohm + Voss ceasing superyacht related work were premature, with this announcement coming hot on the heels of an earlier statement provided to Synfo.com by ThyssenKrupp. It also shows the increasing important role and position of Abu Dhabi MAR in superyachting, following on from the Group's acquisition of Nobiskrug in July of this year and its common ownership with the CMN shipyard in France.

Dr. Hans Christoph Atzpodien, Chairman of the Management Board of the Marine Systems business area of ThyssenKrupp AG said  "The partnership with Abu Dhabi MAR Group represents a solid foundation for the future of the shipyard. It will enable us to win new customers and create and expand employment at the Hamburg site over the long term. ThyssenKrupp is thus strengthening shipbuilding in Germany."

According to the information received by Synfo.com, all parties will now hold further talks and negotiations on the basis of the Memorandum of Understanding, with the transaction still subject to the approval of the supervisory bodies and the regulatory authorities. For the naval area, the transaction is subject to disclosure requirements under the German Foreign Trade and Payments Act (AWG).

Adam Turner


Related Links
ThyssenKrupp Marine Systems AG - company profile | company website
Abu Dhabi MAR Group - company profile | company website