By
Rebecca Gibson |
Global cruise and resort company Genting Hong Kong (GHK) is to acquire the Lloyd Werft shipyard in Bremerhaven, Germany.
GHK will invest €17.5 million for 70% of the new shipbuilding business and acquire a 50% ownership stake of the shipyard land. Under the terms of the agreement, GHK will complete the acquisition subject to the fulfilment of certain final purchase conditions.
“Lloyd Werft has already built and lengthened six ships owned by an affiliate of GHK and has the expertise to build a series of world class cruise ships for the company, which will include the “Exclusive Class” vessels for Crystal Cruises, the most awarded luxury cruise line in the world,” said Tan Sri Lim Kok Thay, chairman and CEO at GHK. “Ownership in Lloyd Werft will enable GHK to leverage on the shipyard’s technical expertise as well as its well-established and long track record in the shipbuilding industry.”
Lloyd Werft was founded in 1857 and initially focused on the general ship repair business, moving into the conversion and newbuild businesses in the 1970s. The 260,000 sqm yard comprises six docks and a 1,600m pier. Since it opened, it has delivered multiple newbuilds and converted older ships for various major cruise lines. The yard also built mega yachts, pipe-laying vessels and merchant ships.