AD Ports Buys Spanish Shipyard Astilleros Balenciaga
The Abu Dhabi-based AD Ports acquired a Spanish shipyard as part of its effort to expand in the Mediterranean and serve the offshore operations sector. The reports indicate that it paid €11.2 million ($13.1 million) for 100 percent ownership of Astilleros Balenciaga, based on the northern coast of Spain near Bilbao.
The shipyard, which traces its origins to 1921, will now be known as Balenciaga Shipyard. AD Ports acquired the yard for its Safeen Drydocks subsidiary, which is part of its Noatum Maritime group. The yard has both shipbuilding and repair facilities.
For AD Ports, the acquisition is an opportunity to further expand its presence in the offshore services sector and specifically offshore wind. The company recently announced a partnership with Masdar, the state-owned renewable energy company that is investing in the European offshore wind sector. Safeen will develop and deliver offshore wind projects for the partnership with Masdar.
Safeen Drydocks was launched in June 2023 as a joint venture 51 percent owned by AD Ports and working with Premier Marine Engineering Services, which was developing a shipyard at the Khalifa Port. It is a 45,000 square meter facility with a 350-meter (1,150-foot) berth for vessel repairs. The yard also has a floating dry dock.
The Balenciaga Shipyard has two dry docks, a 105-meter slipway, and a fabrication factory, as well as a cutting plant. The company recently invested in an expansion of its facilities.
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The Spanish shipyard works with tug boats, offshore support vessels, fishing vessels, cargo vessels, and product carriers. Safeen highlights its capabilities in structural prefabrication of large modules for offshore projects, which it looks to leverage to further develop its presence in the offshore market. The shipyard is one of the few yards in Spain specializing in the construction of Service Operation Vessels (SOVs) as well as research vessels, offshore support vessels, and specialized tugs.
AD Ports Group highlights that it will further consolidate its operations in Spain and the Mediterranean region.
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