Daewoo Mangalia Heavy Industries yard in Mangalia, Romania. Credit: Damen Shipyards Group.

Damen Shipyards Group has entered an agreement to purchase Daewoo Shipbuilding & Marine Engineering’s (DSME) majority stake in Romania-based Daewoo Mangalia Heavy Industries (DMHI) for an undisclosed sum.

Damen intends to boost its global shipbuilding and ship repair activities with the proposed deal, as well as complement its current shipyard portfolio.

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The arrangement has already been approved by the Romanian competition authorities.

DMHI was initially formed in 1997 as a joint venture (JV) between DSME and 2 Mai Mangalia Shipyard.

The yard comprises more than 980,000m² of space on the Black Sea coast and is equipped with three drydocks, featuring a total length of 982m and 1.6km of berthing area.

“Damen intends to boost its global shipbuilding and ship repair activities with the proposed deal, as well as complement its current shipyard portfolio.”

The drydocks are measured between 48m and 60m in width and will enable Damen to serve some of the largest maritime vessels and structures in operation.

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Damen currently owns a shipyard in Galati, Romania, and is also holding constructive meetings with the Government of Romania regarding future cooperation in Mangalia and the further development of the Romanian shipbuilding industry.

Damen Shipyards Group unit Damen Shiprepair & Conversion (DSC) previously acquired Keppel Verolme shipyard in The Netherlands from Keppel Offshore & Marine in June.

The deal is expected to help Damen serve its existing clients more efficiently and open up new opportunities for expansion.

The Keppel Verolme yard features three dry docks, including one facility measuring 405m by 90m, as well as almost 2km of quay capacity.