AD Ports completes EUR 11.2M acquisition of Astilleros Balenciaga

Abu Dhabi-based AD Ports Group (ADX: ADPORTS) reports that its subsidiary Safeen Drydocks, part of Noatum Maritime, has acquired 100% ownership of Spanish shipyard Astilleros Balenciaga for a total consideration of EUR 11.2 million. It says that the transaction further consolidates the group’s operations in Spain and in the Mediterranean region and complements its growing operations in the offshore wind sector.

Located in the Basque region, the shipyard, which will be known as Balenciaga Shipyard going forward, has almost a century of shipbuilding expertise and state-of-the-art infrastructure that includes two dry docks, a 105-meter slipway, and a factory equipped with advanced automation and fabrication technologies spanning 22,385 square meters complemented by a 3,530 square meter cutting and manufacturing facility. The shipyard is recognised as a leader in structural prefabrication of large modules for offshore projects, and in the construction of complex vessels. It is one of very few shipyards in Spain specializing in the construction of advanced offshore wind service operation vessels (SOVs) which serve as floating bases for offshore wind farms, as well as research vessels, offshore support vessels, and specialized tugs.

Captain Ammar Al Shaiba, CEO, maritime & shipping cluster, AD Ports Group, said: “This acquisition is a testament to our strategy of targeted international expansion and portfolio diversification. Balenciaga Shipyard’s expertise in advanced vessel construction, particularly for the offshore wind sector, will enable us to further our ambitions while facilitating knowledge transfer and best practice adoption across Safeen Drydocks. Integrating one of Spain’s most advanced shipyards into our portfolio strengthens our capabilities to support the global clean energy transition while contributing to the creation of high-value jobs and economic opportunity in key markets.”

“Crucially,” says AD Ports, “the investment reinforces AD Ports Group’s growing contribution to the global offshore wind market, complementing its recently announced partnership with Masdar to collaborate on the development and delivery of offshore wind projects. With demand for specialized SOVs, projected to rise significantly in the coming years, Balenciaga Shipyard’s proximity to the North Sea and wider European markets positions it to play an important role in meeting this demand while supporting the Group’s strategy to develop advanced offshore wind capabilities.”

The acquisition is also expected to bring economic benefits to the region through the creation of more than 50 skilled roles to support a robust pipeline of specialized vessel projects already in place, in addition to projects through Safeen Drydocks and AD Ports Group’s international partners and to contribute to AD Ports Group’s own fleet requirements.

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