Rheinmetall has acquired Romania’s Mangalia Shipyard for €138.03 million, excluding VAT, following a series of unsuccessful auctions, with plans to restart the bankrupt facility and develop naval shipbuilding operations.
The sale was confirmed on 9 October 2026 by CITR, the court-appointed liquidator of Damen Shipyards Mangalia. The successful bidder was Rheinmetall Real Estate România SRL, part of the German defence group.
The transaction was concluded at the fifth auction after four previous attempts failed to attract a buyer. The original asking price of €184 million was reduced to 75% before the successful sale.
The Romanian government has linked the acquisition to a planned €920 million naval construction programme, excluding VAT, covering four vessels for the Romanian Navy. The programme includes two offshore patrol vessels and two diver support vessels, with Romanian officials identifying 2030 as the target for completion.
In an official statement on the Mangalia Shipyard acquisition, the government said negotiations under the European Union’s Security Action for Europe (SAFE) programme included commitments by Rheinmetall to invest in Romania’s defence industry, restore shipyard operations and support employment.
Rheinmetall had previously announced in May 2026 that it was considering acquiring the shipyard in cooperation with Swiss shipping company MSC. Its proposal included upgrading Mangalia into a facility capable of both military and commercial shipbuilding, alongside infrastructure modernisation and workforce development.
Although MSC was identified as a potential partner in the earlier proposal, the October auction result named Rheinmetall Real Estate România SRL as the successful bidder.
Mangalia Shipyard was formerly operated by Damen Shipyards Group under a joint venture established in 2018 with the Romanian government, which held 51% of the shares while Damen owned 49%.
The shipyard entered insolvency proceedings in June 2024 following financial and management difficulties. A proposed reorganisation was rejected by creditors, and bankruptcy proceedings followed in April 2026. Operations were progressively reduced, with approximately 1,000 employees affected by collective redundancies.
The acquisition concludes the Mangalia shipyard sale process, during which creditors sought a buyer for the facility’s industrial assets.
The next phase will focus on preparations for restarting production and implementing the proposed naval construction programme. A confirmed date for resuming shipyard operations has not been announced.
