Warsaw (Puls Biznesu) – Stocznia Gdynia and its subsidiary Stocznia Gdanska (SG) want to operate separately. The two shipyards have already signed and sent to the Ministry of the Treasure a separation agreement and schedule of steps to be taken in order of Stocznia Gdynia to be able to sell SG.
I cannot tell you what the agreement provides for. I can only tell that it contains a list of matters that have been agreed on by the managements of the two companies and a list of issues to be agreed on, Krzysztof Grabowski, Stocznia Gdynia spokesman said.
In his opinion, till February 28th, all issues enabling preparation of a memorandum for investors for SG should be solved. The separation process should last at least six months.
There are many things to be settled, including production co-operation. SG should produce three ships this year for Stocznia Gdynia, which will build 12 in the same time. Next year the latter will build 7 ships while SG three. The two companies have to explain before the European Commission their restructuring process and negotiate the plan in the next years. EC has already decided that PLN 400m of public funds for Stocznia Gdynia were illegal.
There are several possible investors for SG. Several months ago a German ship owner Stefan Patjens wanted to buy harbor equipment and to give it to SG. Local Centromor and Norwegian Aker are also interested in the shipyard. Aker offered to buy SG last year but the stuff of the Polish shipyard was afraid of the Norwegians. They have changed their minds.
Shipyards need funds for restructuring. We have no doubts concerning Aker’s credibility and we will co-operate with the company closer eagerly, also in financial terms, Roman Galezewski, the head of SG Solidarnosc trade union said.
In the first half of 2005, Stocznia Gdynia had PLN 726.6m (EUR 192.3m while SG PLN 602m. Stocznia Gdynia had net lost of PLN 65.1m while SG had PLN 18.2m of net income. The Stocznia Gdynia Group has 34 ships orders in the years 2005-2009 worth USD 1.53 billion. SG is to produce 8 of them.
(PLN 1 = EUR 0.264)