SIEM Group Norway acquires cruiseferry HONFLEUR from FSG shipyard

   July 29, 2020 ,   Cruise Industry

Kristiansand Norway-based company Siem Offshore AS acquired the cruiseferry HONFLEUR from the German shipbuilder FSG (Flensburger Schiffbau-Gesellschaft). 

The vessel was under construction and planned for delivery to Brittany Ferries but was canceled in June 2020 due to construction delays. Brittany Ferries was informed by the shipbuilder that HONFLEUR is ~1 year from completion. Little work has been undertaken on the ship since the cancellation, though Brittany Ferries' logos on the exterior have been painted over.

The reported sale of the cruise ship comes ahead of the start of insolvency proceedings for the FSG, starting on August 1. The sale of HONFLEUR is expected to secure the shipyard financially for the next 6 months. No sale price has been unveiled.

As the former shipyard owner, SIEM provided loans to finance HONFLEUR's construction, so despite selling its stake in FSG, SIEM still has an interest in the shipyard surviving and completing the vessel.

HONFLEUR is currently the only project that FSG has, though SIEM is still in talks about ordering a further two Ro-Ro vessels (car and passenger ferries). However, the order has yet to be finalized.

Note: In October 2014, SIEM Group acquired FSG (1872-founded). In February 2019, SIEM sold 76% stake in FSG to Sapinda Holding BV. In September 2019, SIEM sold its remaining stake (24%) to the majority shareholder Tennor Holding BV. FSG went into serious financial troubles following the delayed delivery of WB Yeats (IRISH FERRIES), as the shipbuilder had to pay extra costs including compensations to the shipowner Irish Continental Group. By 2014, at FSG were built 760+ ships of different types. Construction of ferries started in 2010.