Greek Shipyards & Submarines – Solution Reached?

Greek Shipyards & Submarines – Solution Reached?

The Greek government announced that the Skaramanga Shipyards (Pireas) have been sold to the Abu Dhabi Mar Group (ADM). The new structure will see ADM hold 75.1% of shares with Thyssen Krupp Marine Systems (TKMS) retaining a 24.9% stake. It is hoped this development will safeguard the future of the shipyards and (most of) its employees.

There has been much speculation about what guarantees the Greek Government has given ADM with regards to future orders for the Hellenic Navy.

Hopefully this decision will lead the way to have the Type 214 submarine issue solved as well. DefenceNet reports that the most likely outcome will be for only 3 of the 4 existing subs to be accepted, with the first built (Papanikolis) being put up for sale by TKMS. One additional sub could be built to make up for this. Also, a further two subs are likely to be built to offset for the upgrading of two older subs which has been judged to be technically and economically not justifiable. These two subs were originally to be Type 209 subs with Air Independent Propulsion but, according to DefenceNet, it is looking more likely these will be Type 214 subs instead.

DefenceNet also reports that 4 to 5 Corvettes are likely to be ordered. This requirement by the Navy seems to have been pushed to the top of the list as an incentive to ADM. Also, it seems that 400 employees are likely to be let go in the future but in a staggered fashion so as to avoid unrest.