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Company News, Capital market-relevant press releases, 2010-10-27, 03:36 PM

Contracts securing the future of Hellenic Shipyards come into effect

The contracts for implementing the Framework Agreement signed by the Greek government, ThyssenKrupp and the Abu Dhabi MAR group on September 30 come into effect on October 27, 2010.

The contracts form the basis for the transfer of a 75.1% interest in the Greek shipyard to the Abu Dhabi MAR group, acceptance of the submarines built to date and the purchase of two further Class 214 submarines as part of the existing Neptune II program (instead of the modernization of two Class 209 submarines).

This ends the dispute with the Greek government over acceptance of the HS PAPANIKOLIS Class 214 submarine which has been running since 2006. The Greek government has accepted the submarine, which has been proven to meet and in part significantly exceed all specified performance requirements. This was confirmed by the Federal Office of Defense Technology and Procurement back in October 2008.


2000 and 2002: In 2000 and 2002, Howaldtswerke-Deutsche Werft GmbH (HDW) and Hellenic Shipyards S.A. (HSY), Athens, receive orders from the Greek government for the ARCHIMEDES and NEPTUNE II submarine construction programs.

2005: ThyssenKrupp acquires HDW and its subsidiary HSY.
From 2005 the Greek government ceases to make contractually due installment payments for the two submarine programs.

2006: In 2006 HDW and HSY offer the first Class 214 submarine, the PAPANIKOLIS, to the Greek client for acceptance. The client refuses to accept the submarine, despite the fact that it meets and in part significantly exceeds all specified performance requirements. This was confirmed by the Federal Office of Defense Technology and Procurement (BWB) in October 2008.

2006 to 2009: ThyssenKrupp holds numerous talks with the Greek government, which do not lead to a solution.

September 21, 2009: HDW and HSY terminate the contracts for the ARCHIMEDES and NEPTUNE II construction programs on the grounds of breach of contract due to outstanding payments in the amount of €524 million.

2009: Talks between representatives of the Greek government and Abu Dhabi MAR/ThyssenKrupp Marine Systems on an overall solution for Hellenic Shipyards begin in December 2009.

March 18, 2010: The three parties sign a Framework Agreement.

March 2010: Negotiations on the contractual implementation of the Framework Agreement begin.

September 30, 2010: Implementation contracts are signed.

October 27, 2010: Implementation contracts come into effect (closing)

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