Norway's Fosen Yard is taking over the bankrupt Nordseewerke Emden Shipyard (NES) in Germany.
The shipbuilder said it had struck a deal with an investment group comprising Deutsche Industrieanlagen and Patrick Hennings-Huep, the previous owner of NES, to establish Fosen Nordseewerke using its 85 workers.
Fosen will form "an international shipbuilding group covering the complete value chain from design, engineering, hull construction, outfitting, commissioning and final delivery," it added.
