Damen Holding, the manager of Romanian shipyards Mangalia under an agreement signed in 2018 with the Romanian state as the majority shareholder, notified its decision to abandon the leading role in the company.

At this moment, Damen Mangalia is delivering vessels for offshore infrastructure as well as other ships (icebreakers, river tanks), while the other Romanian shipyards owned by Damen (at Galati) is also functioning at full capacity.

The law 187/2023 on corporate governance invalidates the agreement reached with the Romanian state at Mangalia shipyards in 2018, Damen explains.

The Dutch company explains that it does not wish to pull out from Mangalia shipyards, a company that it re-launched through investments over the past four years, but points to the new legislation that makes impossible the cooperation under the existing form.

In 2018, Damen agreed to invest in the shipyards and pass the Romanian state 2pp of its 51% stake in exchange for preserving the managing role in the company.

This was possible as a result of the approval of the Government Emergency Ordinance (GEO) 73/2018, which amended emergency ordinance OUG 109/2011 for the corporate governance of state companies. At the moment, through the adoption of Law 187/2023, the legal framework under which the association between the Romanian state and Damen operated with regard to the Mangalia Shipyard was cancelled, the Dutch company stated, quoted by Bursa. 

(Photo: Damen Galati from Damen Shipyards Galati Facebook Page)

iulian@romania-insider.com