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FSG's OPERATIONS TO CONTINUE FOLLOWING NEW INVESTMENT

Saturday, March 2, 2019 

Siem Europe, owner of the financially troubled German yard Flensburger Schiffbau-Gesellschaft mbH (FSG), has signed an agreement with an external investor which will secure the future of FSG for the time being.

Under the agreement, Sapinda Holding BV has agreed to purchase 76% of the shares of the business of FSG. This investment and the already announced management changes are expected to ensure the continuation of FSG’s business operations. Siem Europe remains an active shareholder and holds the majority of the Supervisory Board of FSG. Sapinda is an Amsterdam-based global private investment company co-founded by German businessman Lars Windhorst.

A statement issued by the yard offers thanks to the support of all parties involved, including customers and suppliers, which made the transaction possible. The statement says: "We look forward to working with Sapinda and to continuing to work constructively and successfully with our valued employees, customers and suppliers."

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