February 12 - As of March 10, 2014, Russia's Pella Shipyard is taking over the Sietas shipyard in Hamburg.

HLPFI reported back on May 22, 2012 that a search for a buyer was underway, and after a two year long search, the insolvency administrator Berthold Brinkmann has found a strategic investor to take over the company.

The purchase agreement with Hamburg based Terraline GmbH - a member of the Pella Shipyard Group - has been concluded and certified by a solicitor, but is still waiting approval from the creditors' committee and banks.

Once the takeover has been completed, Terraline will be renamed Pella Sietas GmbH, with approximately 120 Sietas employees being kept on or re-employed via the transfer company.

Pella shipyard plans to increase the number of employees at Sietas to 400 and invest EUR15 million (USD20.5 million) in the shipyard's infrastructure by the end of 2016.

In addition to building large container feeder ships, the yard has also developed numerous special types of vessels including multipurpose heavy lift ships.


From left to right: Frank Horch (Hamburg's senator for economy), Garegin G. Tsaturov (co-owner of Pella shipyard), Natallia Dean (managing director of Terraline) and Berthold Brinkmann (insolvency administrator of Sietas shipyard)