Aker takes over Braila Shipyard

Norway-based Aker Brevik, which controls the Tulcea Shipyard, has announced the takeover of the Braila Shipyard from another Norwegian company, Scandinor.
The deal comes after the integration of Scandinor in the Aker Kvaerner Yards, which controls Aker Brevik.
“Our shareholding structure remains the same. The Scandinor Group is still the majority shareholder, but is now controlled by Aker Kvaerner,” Alexandru Popescu, planning manager of the Braila Shipyard said.
The other significant shareholder of the yard is SIF Moldova, which owns 14%.
The international press agencies that ran the news about the takeover on Monday did not mention the prior integration of Scandinor in the Aker Yards Group, though.
Aker Yards controls 93% in the Aker Tulcea Shipyard through Aker Brevik and has just come to indirectly own 70% in the Braila Shipyard, as well.
Scandinor bought the stake in the Braila Shipyard from the State Ownership Fund (SOF) in 2000, while Aker bought the controlling interests in the Tulcea Shipyard in 1999.
The acquisition pushes Aker’s business in Romania to more than $50 million.
Braila Shipyard posted 19.2bn ROL in net profit in 2001, with turnover reaching 554.5bn ROL ($19 million). Profit reached only 0.4bn ROL in the first half last year, though, while turnover amounted to 305bn ROL. Aker’s Tulcea Shipyard posted 944bn ROL ($32 million) turnover in 2001 and 93bn ROL profit.
The takeover will lead to a global increase in the number of Aker Kvaerner employees to 16,500 and $2.9bn turnover. Aker Brevik will come to total 3,600 employees and $175 million turnover.
Aker Yards’ investments in Romania were a way to cut its costs, inflated by the appreciation of the Norwegian crown on the international markets. However, the ROL appreciation against the USD in real terms lately has impacted on the financial results of the shipyards in Romania, as well.