September 26 - The Norwegian-controlled Siem Industries is taking control of the German Flensburger Schiffbau-Gesellschaft (FSG) shipyard, including all of its employees.

Welcoming this development, Peter Sierk and Frank Bywater, the two managing directors of FSG, say that: "This means a great chance for all of us - the shipyard and its employees."

Following the takeover, Sierk and Bywater expect FSG to become further established and to hold a stronger position on the offshore market.

Siem Industries is a globally operating corporation with diversified industrial interests. The Siem Group of companies (including subsidiaries and affiliates) operates 145 vessels and owns a controlling interest in Siem Offshore and SubSea 7.

The transaction is subject to certain conditions, and is expected to close before the end of October.

In the past 143 years, FSG has constructed and sold more than 760 vessels, including custom-built ro-ro ships.

For three years, FSG has concentrated on the offshore market and has been able to win international clients for heavy lift vessels, seismic vessels and well intervention vessels.