Agreement reached between Swedish ferry company and insolvency administrator

Göteborg / Wismar / Warnemünde, 16 September 2009.
The completion of the two RoPax ferries currently under construction in Wismar und Rostock-Warnemünde is now secured. After this summer’s discussions between the ferry company Stena Line and the insolvency administrator Marc Odebrecht,  a long anticipated agreement was reached yesterday.

The discussions, which focused on recommencing work on the ferries at the two shipyards, were successfully concluded, said Odebrecht. “I would like to take this opportunity to thank the German government, the state of Mecklenburg-Western Pomerania and all financing partners for their solid support over the last few weeks, and for making this successful outcome possible. I would also like to thank the representatives of Stena Line, who proved to be constructive negotiating partners”, continued Odebrecht.

“We are pleased to have found a solution and can continue the construction of our Superferries. We are looking forward to continuing our cooperation with the yard to build these unique ferries”, says Gunnar Blomdahl, CEO Stena Line.

The basis for the continued construction of the two ferries is a special state-backed loan and a slightly revised contract with Stena.  Odebrecht was also keen to emphasize that the successful conclusion of such an ambitious project will also require a significant effort of all those involved in the construction. The two RoPax 55 ferries will be the world’s largest ships for freight and passengers to date.

Work on the ferries is planned to recommence at both sites before the end of September and will enable the reemployment of workers at the shipyards in Wismar and Warnemünde. Nordic Yards, the new owner of both shipyards will produce the ferries as a subcontractor of the insolvency administrator.