Genting Buys Lloyd Werft Shipyard
- Business & Finance
Asian cruise operator Genting Hong Kong has entered into an agreement to acquire a majority stake in Lloyd Werft, expected to speed up the construction of ocean and river cruise ships Genting has on order at this German shipyard for its cruise line Crystal Cruises.
The deal will see Genting invest EUR 17.5 million for 70% of the new shipbuilding business and a 50% ownership in the shipyard’s land in Bremerhaven.
Under the terms of the agreement, Genting Hong Kong will complete the acquisition of Lloyd Werft subject to the fulfillment of certain final purchase conditions.
“Lloyd Werft has built and lengthened six of the ships owned by an affiliate of the company and has the expertise to build a series of world class cruise ships for the company, which will include the ‘Exclusive Class’ vessels for Crystal Cruises, ” said Tan Sri Lim Kok Thay, Chairman and Chief Executive Officer, Genting Hong Kong.
“Ownership in Lloyd Werft will enable Genting Hong Kong to leverage on the shipyard’s technical expertise and their well-established and long track record in the shipbuilding industry.”
Genting Hong Kong signed a letter of intent earlier this year with Lloyd Werft to build three of Crystal’s Exclusive Class ships, with the first of these polar class vessels expected for delivery in late 2018.
“With such great anticipation for Crystal River Cruises and Crystal Exclusive Class ocean vessels, we are incredibly excited about Genting’s groundbreaking investment in the Lloyd Werft shipyard that will contribute mightily to Crystal Cruises’ expansion,” said Edie Rodriguez, Crystal’s president and CEO.
Lloyd Werft will also build the collection of luxury river yachts for Crystal Cruises.