Damen, Fincantieri bid for Montenegro’s Bijela shipyard

Ship in dock at the Bijela yard – subject of interest from Damen and Fincantieri Ship in dock at the Bijela yard – subject of interest from Damen and Fincantieri

The Dutch Damen Shipyards Group and Italian shipbuilding group Fincantieri are competing to acquire Montenegro’s Jadransko Brodogradiliste A.D Bijela shipyard, writes Jaroslaw Adamowski.

The two companies have applied to participate in the ongoing tender to acquire a 61.57% stake in the state-run shipyard, reported local news site Vijesti. The information was confirmed by the country’s Tender Commission For Privatisation (TKZP) which is currently evaluating whether the companies fulfill the criteria to purchase Bijela from the Montenegrin Treasury. The remaining 38.42% of the company's shares are owned by a number of private shareholders.

Under the plan, bidders can apply until February 17, and the commission will rule on the entities’ compliance with the auction terms by March 5. Shortlisted companies are to submit bids for the Bijela yard by April 15, 12:00 local time.

The estimated value of the acquisition has not been disclosed by the state commission. However, according to the tender terms, the selected company will be required to implement an investment programme of at least €15 million (US$20.5 million) with the aim of developing the capacities of the Montenegrin shipyard over the next three years.

Set up in 1927 and headquartered in Bijela, on Montenegro’s Adriatic Sea shore, the company says it is the largest ship repair yard in the Southern Adriatic. Located on a site of more than 120,000m², the yard has two floating docks fitted with a lifting capacity of 10,000t and 33,000t respectively, according to data released by the company. Bijela says it performs repair and modernization works on vessels of up to 120,000dwt, and 95% of its customer base is foreign-based.

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