The bankruptcy manager of Mangalia shipyard in Romania will reopen the sale of the shipyard’s assets on 29 July 2026 at a going concern price of EUR 184 million.
The asking price remains unchanged from the first auction after creditors requested that the sale continue under the same conditions. The creditor group includes Damen, the shipyard’s minority shareholder and former manager. Prospective buyers Rheinmetall and MSC did not submit bids during the first auction held on 27 June 2026.
The second auction will take place after the shipyard’s remaining workforce leaves the company. The contracts of the last 1,011 employees are scheduled to end on 15 July 2026.
The assets are being offered as a single package, with no option to purchase individual assets. Bidders must provide a guarantee equal to 10% of the asking price, or EUR 18.4 million. The sale on 29 July 2026 is the second of six auctions approved by creditors on 26 May 2026 at the same going concern price.
Creditors are seeking almost RON 2 billion, equivalent to EUR 380 million, from the shipyard. Damen holds the majority of those claims directly and indirectly.
The EUR 184 million asking price is about EUR 100 million higher than the liquidation value. According to the source, the Romanian state would be prepared to accept the lower valuation without an auction as part of a broader arrangement with Rheinmetall related to offshore patrol vessel construction.
Rheinmetall has already been awarded a contract worth EUR 920 million, excluding VAT, under the EU-backed SAFE scheme. The contract covers two offshore patrol vessels and two diver support vessels. According to the source, keeping construction in Romania depends on the recovery of Mangalia shipyard.
Rheinmetall has stated that only 10%–15% of the shipyard’s capacity would be required to complete the contract. The company has previously built similar offshore patrol vessels with different configurations at MTG Dolphin Shipyard in Varna, Bulgaria.
The company expanded its naval shipbuilding business through the acquisition of NVL, completed in March 2026. Its MMPV 90 model, produced by NVL, was selected over Damen’s OPV 2600 design, which was found not to meet the programme’s technical requirements.
Romania also contracted and received another military offshore patrol vessel from Turkish defence contractor ASFAT. The contract, signed last December, was valued at EUR 233 million excluding VAT and included training. It covered the Turkish Navy’s Hisar-class OPV.
