Details of the partnership see ThyssenKrupp Marine Systems retain a lead role in all projects with NATO partners and the German Navy while Abu Dhabi MAR Group will become responsible for the Middle East and North Africa (MENA) region.
Abu Dhabi MAR Group will acquire a majority 80 percent stake in each of the ThyssenKrupp Marine Systems’ companies Blohm + Voss Shipyards, Blohm + Voss Repair, and Blohm + Voss Industries; a move which is anticipated to expand the company’s clientele.
The partnership was formed upon the agreement it would greatly improve marketing opportunities for the Blohm + Voss naval shipbuilding program which creates frigates and corvettes, while at the same time safeguarding German shipbuilding jobs.
The union will also enable the Abu Dhabi MAR Group to spread its reach into the megayachts, repairs and vessel components businesses.
Chairman of the Management Board of ThyssenKrupp Marine Systems Dr. Hans Christoph Atzpodien said he thought the agreement had the potential of a promising long-term partnership.
"It will enable us to win new customers and create and expand employment at the Hamburg site over the long term,” he said.
The next step for the two companies is to hold further negotiations on the basis of the Memorandum of Understanding. The partnership is still subject to disclosure requirements under the German Foreign Trade and Payments Act (AWG).
The Abu Dhabi MAR Group also includes the shipyards of CMN, Nobiskrug, and Abu Dhabi MAR under its banner. Prior to the signing of ThyssenKrupp Marine Systems, the Group accounted for 10 of the 75 superyachts over 60 metres currently being built around the world.