Romania races to secure EUR 1 bln Rheinmetall deal to pull Mangalia shipyard out of bankruptcy Romania is pushing to finalise a near EUR 1 billion contract with German defence group Rheinmetall by May 31, in what officials openly frame as a last-minute opportunity to revive the bankrupt Mangalia shipyard, Ziarul Financiar reported on April 30. Economy minister Ambrozie-Irineu Darău said the probability of the deal collapsing is “only 1%”, underscoring both the urgency and the high stakes surrounding the project. The contract, financed under the EU-backed SAFE defence programme, envisages the construction of four military vessels, with Romanian authorities insisting that production should take place domestically, preferably at the Mangalia facility on the Black Sea.
Original (en)
Romania is pushing to finalise a near EUR 1 billion contract with German defence group Rheinmetall by May 31, in what officials openly frame as a last-minute opportunity to revive the bankrupt Mangalia shipyard, Ziarul Financiar reported on April 30. Economy minister Ambrozie-Irineu Darău said the probability of the deal collapsing is “only 1%”, underscoring both the urgency and the high stakes surrounding the project. The contract, financed under the EU-backed SAFE defence programme, envisages the construction of four military vessels, with Romanian authorities insisting that production should take place domestically, preferably at the Mangalia facility on the Black Sea. “We are still negotiating until the signature,” Darău said, noting that the investment plans have already cleared scrutiny by the European Commission and parliamentary committees. The timing is critical. Mangalia shipyard, formerly operated by Damen and now under bankruptcy proceedings, risks losing not only industrial capacity but also its remaining skilled workforce if new orders do not materialise quickly. The Romanian state holds a majority stake, while Damen retains 49% and remains the largest creditor, complicating efforts to restructure operations and attract fresh capital. Rheinmetall representatives visited the shipyard alongside officials from Mediterranean Shipping Company (MSC), which has expressed interest in taking over management. Turkish shipbuilder Desan has also entered discussions with the government over potentially leasing production facilities and workforce, turning Mangalia into the centre of a multi-party contest for control and revival. Darău said the government’s objective is to secure “serious companies with the financial capacity to carry out long-term investments”, a pointed acknowledgement that previous arrangements failed to provide stability. Without a binding agreement in the coming weeks, the risk is that Mangalia shifts from temporary insolvency into irreversible
Published
May 4, 2026, 12:43 PM UTC
9d ago
Significance
Rheinmetall and MSC in talks to jointly take over Romanian shipyard Mangalia German group Rheinmetall and Swiss shipping company MSC have announced their intention to jointly take over the Mangalia shipyard and transform it into a dual-use centre for both military and civilian shipbuilding, according to a press release from the two potential investors. Under bankruptcy, the yard can be taken over by the Romanian state at no more than its liquidation value, set at EUR 87 million, and use it for defence production purposes in a joint venture, according to an emergency ordinance passed recently by the executive. The talks come shortly after Romania proposed to Rheinmetall a contract worth nearly EUR 1 billion for four ships to be built under the military endowment scheme SAFE.
Romanian troubled steelmaker Liberty Galati at second sale attempt, at reduced price The consortium of concordat administrators of the Liberty Galați Steel Plant (formerly Sidex), Euro Insol and CITR, resumed the auction for the sale of the troubled company under pre-insolvency procedures for EUR 444 million – down from EUR 709 million in the first, failed, attempt, according to Profit.ro . Liberty Galați, formerly Sidex, remains a cornerstone of Romania’s industrial base. The government had already designated Liberty Galați steelworks, alongside Mangalia shipyard and Romaero aircraft services provider, as assets of strategic interest at the end of March, signalling its intention to intervene.
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