Reorganisation of Flensburger Schiffbau-Gesellschaft: Luther advises Siem

13 February 2019

Hamburg - Siem Europe S.à r.l. (Siem) has sold 76 percent of the shares in Flensburger Schiffbau-Gesellschaft m.b.H. & Co. Kommanditgesellschaft (FSG) to the investor group Sapinda Holding B.V. (Sapinda). Sapinda is backed by financial investor Lars Windhorst. A Luther team advised Siem on the transaction.

Siem has entered into an agreement with Sapinda for Sapinda to acquire 76 percent of FSG's shares. It will also provide the yard with a further EUR 33 million through a capital increase. Siem is also making a significant contribution.

Siem remains shareholder of the shipyard and retains the majority in the advisory board. Siem has already cooperated with Sapinda as co-investor in the past. The transaction, in which Luther represented the seller, is intended to ensure that FSG can continue to build modern ships at its Flensburg location on a solid capital basis.

About Flensburger Schiffbau-Gesellschaft

FSG was founded in 1872. The shipyard has built over 750 ships, including diving heavy-lift carriers, seismic ships, well intervention vessels, RoRo ferries and ships to strategically support the navy. Since 2014 the company belongs to the holding company Siem Industries.

For SIEM Europe S.à r.l.:

Luther, Corporate / M&A / Maritime Law: Lars Frohne, Dr. Benjamin Hub

Luther, Competition Law: Anne Wegner

Luther, Restructuring: Dr. Marcus Backes