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Five in line for Sietas Group companies

May 22 - Five concrete offers have been received for the companies of the Hamburg-based Sietas Group.

This is the result of the second phase of the extensive search for investors by the receiver of the Sietas shipyard, Berthold Brinkmann.

During the first phase, a number of potential investors were approached by HSH Corporate Finance, which had been commissioned with the task, and interested parties were asked to submit indicative offers. During the second phase, these offers were put into more concrete terms and confirmed after an in-depth due diligence assessment.

Receiver Berthold Brinkmann said: "The five binding offers that we have meanwhile received for the Sietas Group companies include both an overall solution as well as the acquisition of individual companies. I am optimistic that we will be able to find a solution for all three companies - Sietas shipyard, Neuenfelder Maschinenfabrik NMF and Norderwerft."

Informing the board of creditors about the confirmed bids today, Brinkmann said the five bidders are mostly strategic investors from the shipbuilding industry.

In the final assessment of the offers, receiver Berthold Brinkmann will not only consider the purchase price, but also the preservation of as many jobs as possible.

Now the bids will be examined thoroughly and the decision on whether the Sietas Group companies will be sold to one or more bidders will be decided in accordance with the board of creditors over the coming weeks.

Currently, the Sietas shipyard is building a ferry with the capabilities of handling over-dimensional cargoes, the first offshore wind farm transport and installation vessel to be designed and constructed in Germany (keel laying] scheduled for July 2012 and delivery in 2013, as well as a dredger.

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