Germany

Flensburger Schiffbau-Gesellschaft 

Plans have been announced for <a data-gid="gid://syiq/Company/23" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lürssen Yachts (Company)">Lürssen</a> to acquire the <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> Shipyard in Rendsburg, Germany, following the shipyard’s application for insolvency in December 2024.<img src="https://photo-assets.superyachttimes.com/photo/208720/image/large-e7e6ae4c19219ed8e1c5ffeb77d63074.png" data-gid="gid://syiq/Photo/208720">The official announcement was made today (Friday 31 January) with Schleswig-Holstein's Prime Minister, President Daniel Günther and State Secretary for Economic Affairs Julia Carstens addressing the employees and industry stakeholders.The owners of the Rönner Group, who will continue to operate the Flensburg shipyard, introduced themselves personally to the employees. Chas Kelly, Chairman of SeaRoad Shipping from Tasmania / Australia, explained that he had placed an order with the Rönner Group to complete the shipbuilding project in Flensburg.For months, uncertainty loomed over the 140 employees at <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> following the insolvency of the <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">FSG</a>-<a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> shipyard, previously owned by investor Lars Windhorst. Earlier this month it was announced that the company had received several offers from potential investors.Read: <a data-gid="gid://syiq/Article/62427" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="FSG Nobiskrug in negotiations with potential investors amid insolvency (2025-01-17 15:30:00 +0100)">FSG Nobiskrug in negotiations with potential investors amid insolvency&nbsp;</a><img src="https://photo-assets.superyachttimes.com/photo/98799/image/large-9a54de6d47c002319e951295f26172fa.jpg" data-gid="gid://syiq/Photo/98799"> <a data-gid="gid://syiq/Company/23" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lürssen Yachts (Company)">Lürssen</a> has now submitted an offer that is now awaiting approval from the creditors' committee. Should the deal proceed, the Rendsburg site would be integrated into <a data-gid="gid://syiq/Company/23" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lürssen Yachts (Company)">Lürssen</a>'s existing shipbuilding operations in Schacht-Audorf, where the company has built superyachts of up to 180 metres, since acquiring the former <a data-gid="gid://syiq/Company/714" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Kröger Werft GmbH & Co (Company)">Kröger</a> shipyard in 1987.The successful outcome is credited to insolvency administrators Dr. Christoph Morgen and Hendrik Gittermann, who led negotiations amidst significant time constraints. With over 500 employees impacted by the bankruptcy, insolvency payments were only guaranteed until the end of January, increasing the urgency of securing a buyer.&nbsp;"We have managed to find two renowned strategic investors for <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">FSG</a> and <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a>within the extremely tight time frame of just seven weeks," explained Dr Christoph Morgen. "In the week following the opening of the insolvency proceedings, technical preparations will begin at the Flensburg shipyard for the Rönner Group to resume shipyard operations."Due to the considerable investment backlog, both shipyards are currently not operational. Extensive preparatory work still needs to be carried out in the coming months, which will involve obtaining TÜV authorisations and certifications, renovating buildings, setting up facilities, procuring materials and much more.<img src="https://photo-assets.superyachttimes.com/photo/194054/image/large-45f340199e017ba851e37398be4b85c3.jpg" data-gid="gid://syiq/Photo/194054">A transfer company will therefore be set up for the employees, which will ensure the transition from 1 February and enable them to gain further qualifications. Over 95 per cent of the 500 employees have contractually agreed to this procedure.The potential takeover marks a significant shift in the relationship between <a data-gid="gid://syiq/Company/23" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lürssen Yachts (Company)">Lürssen</a> and <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a>. The two shipyards have long maintained a spirit of mutual support. Last summer, when a fire destroyed a <a data-gid="gid://syiq/Company/23" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lürssen Yachts (Company)">Lürssen</a> new-build, <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> employees sent a banner signed by the workforce in solidarity. In November, <a data-gid="gid://syiq/Company/23" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lürssen Yachts (Company)">Lürssen</a> reciprocated, delivering a similar message of support to their struggling counterparts in Rendsburg. The motto at the time was simple yet poignant: "Shipbuilding sticks together.""We are delighted that the takeover by <a data-gid="gid://syiq/Company/23" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lürssen Yachts (Company)">Lürssen</a> has created a long-term perspective for Rendsburg. The traditional company is an excellent fit for Nobiskrug. In addition, the capacities and locations of the two shipyards complement each other almost perfectly," concluded Hendrik Gittermann.SuperYacht Times has reached out to <a data-gid="gid://syiq/Company/23" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lürssen Yachts (Company)">Lürssen</a> who declined to comment on the situation.

Lürssen plans to acquire Nobiskrug Shipyard amid insolvency

Lürssen allegedly plans to acquire the Nobiskrug Shipyard in Rendsburg, Germany, following the shipyard’s application for insolvency in December 2024.

German shipyards <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> and <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">FSG (Flensburger Schiffbau-Gesellschaft)</a> have announced that the future of the shipyard sites in Rendsburg and Flensburg depends on the search for investors.<img src="https://photo-assets.superyachttimes.com/photo/342609/image/large-1b0b87c22b4831b62e81f2b31588f8c4.jpg" data-gid="gid://syiq/Photo/342609">Applications for insolvency were filed for <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">FSG</a>-<a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> Holding, <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">Flensburger Schiffbau-Gesellschaft</a>, <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug Yachts</a> and <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">FSG</a> <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug Design</a>&nbsp; earlier this month, all of which are owned by Lars Windhorst's Tennor Group.&nbsp;Read: <a data-gid="gid://syiq/Article/62213" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug and FSG shipyards file for insolvency (2024-12-12 11:45:00 +0100)">Nobiskrug and FSG shipyards file for insolvency</a><img src="https://photo-assets.superyachttimes.com/photo/342608/image/large-bcbb6eb4d7bdb6f8dd81c02eaaf8fce5.jpg" data-gid="gid://syiq/Photo/342608">The district courts of Flensburg and Neumünster have appointed lawyers Christoph Morgen and Hendrik Gittermann as provisional insolvency administrators, according to official statements. Representatives from IG Metall and the works councils, as well as Schleswig-Holstein's Minister of Economic Affairs, Claus Ruhe Madsen (CDU), are also involved in the discussions.The November payroll and Christmas bonuses for the approximately 500 employees at both shipyards has been secured by insolvency money. However, the clock is currently ticking for the sites to secure a lifeline, with funding secured only until 31 January 2025 through the insolvency substitute benefits and a state-backed loan. <img src="https://photo-assets.superyachttimes.com/photo/342607/image/large-8ff2c47fd0f678703dd7e2670d54be96.jpg" data-gid="gid://syiq/Photo/342607">The provisional insolvency administrators revealed during a press conference on 23 December that several interested investors have already visited the shipyards in the ten days since insolvency proceedings were initiated on 12 December.Federal Minister of Economics Robert Habeck visited the shipyards in Flensburg on 23 December, meeting with representatives from the IG Metall Küste trade union and the works councils of both facilities. Minister Habeck underlined the critical role of shipbuilding for Germany, especially in northern regions and pledged his commitment to supporting the preservation of these shipyard sites."We have already held initial talks with potential investors,” said Christoph Morgen of Brinkmann &amp; Partner law firm, the provisional insolvency administrator of <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">FSG</a>-<a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> Holding and <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">Flensburger Schiffbau-Gesellschaft</a>. “Their positive investment decision is dependent on the future capacity utilisation of the sites." <img src="https://photo-assets.superyachttimes.com/photo/208720/image/large-e7e6ae4c19219ed8e1c5ffeb77d63074.png" data-gid="gid://syiq/Photo/208720">"In addition to orders for superyachts and the completion of the RoRo ferry in Flensburg, the prospect of future orders for the navy and the offshore wind industry are of particular importance. In this respect, potential investors are hoping for planning security through political commitments.”The Rendsburg site, in particular, has already drawn significant interest from potential investors, particularly for its superyacht production capabilities. Hendrik Gittermann, provisional insolvency administrator for <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug Yachts</a> and <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">FSG</a> <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> Design, expressed optimism about the demand.&nbsp;"This high level of demand in the early phase of the search for investors makes me confident that we will find a viable solution despite the extremely tight schedule. I was particularly pleasantly surprised by the many inquiries from abroad. They show that the quality of the superyachts built by <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> continues to enjoy an excellent reputation worldwide," said Gittermann.<img src="https://photo-assets.superyachttimes.com/photo/194054/image/large-45f340199e017ba851e37398be4b85c3.jpg" data-gid="gid://syiq/Photo/194054">Despite the initial interest, the task ahead is formidable. To secure a viable future for the shipyards, investors will need assurance of a steady pipeline of projects and strong political backing. With January’s deadline looming, the urgency for a resolution is growing.The investor process aims to finalise the transfer of the shipyard locations by 1 February 2025. To facilitate this, the provisional insolvency administrators have enlisted the expertise of the M&amp;A consulting firm PwC. Prospective buyers are encouraged to contact PwC partner Timo Klees directly on <a href="mailto:timo.klees@pwc.com" target="_blank">timo.klees@pwc.com</a> or +49 69 9585 6614.&nbsp;

Nobiskrug and FSG search for investors

Nobiskrug and FSG have announced that the future of the shipyard sites in Rendsburg and Flensburg depends on the search for investors.

Nobiskrug and FSG search for investors amid insolvency 

Applications for insolvency have been filed for <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> in Rendsburg and <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">FSG (Flensburger Schiffbau-Gesellschaft)</a> in Flensburg, both owned by Lars Windhorst's Tennor Group. The companies affected are <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">FSG</a>-<a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> Holding GmbH, <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">Flensburger Schiffbau-Gesellschaft</a> mbH, <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug Yachts</a> GmbH and FSG <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> Design GmbH.<img src="https://photo-assets.superyachttimes.com/photo/208720/image/large-e7e6ae4c19219ed8e1c5ffeb77d63074.png" data-gid="gid://syiq/Photo/208720">The district courts of Flensburg and Neumünster have appointed lawyers Christoph Morgen and Hendrik Gittermann as provisional insolvency administrators, according to official statements. Representatives from IG Metall and the works councils, as well as Schleswig-Holstein's Minister of Economic Affairs, Claus Ruhe Madsen (CDU), are also involved in the discussions.The appointed administrators, alongside their teams, are currently evaluating the financial situation of the two shipyards, which operate under the <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">FSG</a>-<a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> Holding umbrella. According to local news outlet Spiegel, staff meetings are being held to address the workforce and discuss the shipyards' future. <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)"><img src="https://photo-assets.superyachttimes.com/photo/194054/image/large-45f340199e017ba851e37398be4b85c3.jpg" data-gid="gid://syiq/Photo/194054">FSG</a> and <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> have faced long-standing financial difficulties, with delays in salary payments becoming a recurring issue. The November payroll and Christmas bonuses for the approximately 500 employees at both shipyards has been secured by insolvency money.The challenges at <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> shipyard in Rendsburg have escalated, with reports revealing that the Schleswig-Holstein public utility company nearly cut off power to the site on Monday. The shipyard has been operating without a power supply contract since 1 December.The utility company postponed the measure due to the presence of a federal police ship undergoing critical repairs in the dock. However, postponement will extend only until Thursday 12, allowing for the completion of the vessel's repairs, according to a statement issued on Tuesday.<img src="https://photo-assets.superyachttimes.com/photo/203683/image/large-6d8021c836d0ab4368cc45757972e89f.jpg" data-gid="gid://syiq/Photo/203683">Nobiskrug first announced their insolvency in April 2021, with the company looking into a number of investment requests to rescue them. In July 2021, <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">FSG</a> announced the acquisition of the German shipyard, including its shipbuilding facilities, trademark rights and intellectual property. The acquisition was completed in August 2021, with Lars Windhorst, founder and owner of the Tennor Group taking over both <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">FSG</a> and <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a>.&nbsp;Read: <a data-gid="gid://syiq/Article/53575" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lars Windhorst completes Nobiskrug takeover (2021-08-20 08:45:00 +0200)">Lars Windhorst completes Nobiskrug takeover</a><img src="https://photo-assets.superyachttimes.com/photo/314294/image/large-73d925bb1029ea9a31daaada06272324.jpg" data-gid="gid://syiq/Photo/314294">In June 2024, announced Robert Fischer von Mollard as the new managing director of <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">FSG</a>-<a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> and Michel Bollmann as technical director, while Lars Windhorst will step down from operational management.Read: <a data-gid="gid://syiq/Article/60676" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug announces new management team funded by start-up capital (2024-06-07 15:00:00 +0200)">Nobiskrug announces new management team funded by start-up capital</a>This change in management was created to utilise start-up capital and ensure the continuity of operations at both sites. At the same time, work at both facilities had come to a standstill, due to a lack of monetary funds to maintain machines and provide security services.SuperYacht Times has reached out to <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">FSG</a> and <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> for further information.

Nobiskrug and FSG file for insolvency 

Applications for insolvency have been filed for Nobiskrug and Flensburger Schiffbau-Gesellschaft (FSG), both owned by Lars Windhorst's Tennor Group.

Nobiskrug and FSG shipyards file for insolvency 

<a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> has just announced that it has signed the contract for a "major superyacht" build, with a delivery scheduled for mid-2022, suggesting that it is one of the vessels the shipyard currently has in-build. <img src="https://photo-assets.superyachttimes.com/photo/194054/image/large-45f340199e017ba851e37398be4b85c3.jpg" data-gid="gid://syiq/Photo/194054">The superyacht will now enter the outfitting phase and her bespoke interior will be constructed. Philipp Maracke, CEO of the shipyard commented, “The contract signing marks another major step towards achieving set goals for Nobiskrug. It also underlines the yacht owner’s appreciation of our expertise in superyachts."This news follows a series of press releases about recent successes for the yard since its takeover by <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">Flensburger Schiffbau-Gesellschaft (FSG)</a> under CEO <a href="https://www.superyachttimes.com/yacht-news/lars-windhorst-interviewed-on-the-purchase-of-nobiskrug" rel="noopener noreferrer" target="_blank" title="">Lars Windhorst who we exclusively interviewed in September</a>. In <a data-gid="gid://syiq/Article/53876" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug signs major refit contract for a 120m superyacht (2021-10-13 09:30:00 +0200)">October the yard revealed that they had signed the contract for the refit of a 120-metre superyacht</a>.<img src="https://photo-assets.superyachttimes.com/photo/177326/image/large-d4abcb8581b9f92980836ab6d7f81faf.jpg" data-gid="gid://syiq/Photo/177326">The owner is being represented by Scott Wightman from Motor Yacht Build ltd, and the project will be led by <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a>'s Dirk Hemsen. Maracke added, “A project of this kind relies particularly on the mutual efforts and commitment of the shipyard and the owner. After taking over the shipyard, we established an extremely trusting and cooperative relationship within a very short time".&nbsp;

Nobiskrug signs superyacht contract 

Nobiskrug Shipyard has signed the contract for a "major superyacht" with delivery in mid-2022.

Nobiskrug Shipyard signs "major superyacht" contract

Merijn de Waard sat down with Lars Windhorst, owner and Founder of the Tennor Group that owns <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">Flensburger Schiffbau-Gesellschaft (FSG)</a>, and <a data-gid="gid://syiq/Article/53385" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug Shipyard has been saved by Flensburger Schiffbau-Gesellschaft shipyard (2021-07-16 19:15:00 +0200)">which has recently acquired the German shipyard Nobiskrug</a>. The pair discussed the motivations for the purchase, the plans for the legendary shipyard and how Windhorst plans to position the shipyard to continue to push innovation and build world-renowned superyachts. <img src="https://photo-assets.superyachttimes.com/photo/208143/image/large-2595aee26279ea40c7adacd4114a3b2b.jpg" data-gid="gid://syiq/Photo/208143"><a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> shipyard was founded in 1905, working on the construction of mainly barges and commercial vessels. Gradually the yard moved into working on custom cruise liners and by 1997 the shipyard had segued into the superyacht sector, launching the 92-metre <a data-gid="gid://syiq/Yacht/338" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tatoosh92.42m (303'3&quot;)Nobiskrug2000">Tatoosh</a> in 2000. Over the subsequent decades, the shipyard became known for the construction of innovative, technologically advanced superyachts, such as the 142.81-metre <a data-gid="gid://syiq/Yacht/4450" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sailing Yacht A142.81m (468'6&quot;)Nobiskrug2017">Sailing Yacht A</a> and the 80-metre <a data-gid="gid://syiq/Yacht/6282" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Artefact80.0m (262'6&quot;)Nobiskrug2020">Artefact</a> launched in 2020.&nbsp;In April 2021 the news was released that <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> had filed for insolvency, citing “critical developments” on yacht construction, consequences on investment and profitability as some of the causes for the proceedings. In August it was announced that <a data-gid="gid://syiq/Article/53575" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lars Windhorst completes Nobiskrug takeover (2021-08-20 08:45:00 +0200)">Lars Windhorst had come to the rescue of the shipyard</a> and in Monaco the yard once again had its own stand positioned in front of the Yacht Club de Monaco, in a show of strength for the new management.&nbsp;So my first question is, why did you buy&nbsp;<a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a>, and what is your idea and your plan behind this acquisition?About a year ago we hired Philipp Maracke as CEO of <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">FSG</a> and that action solidified our commitment to make the shipyard a sustainable success, no matter the resources in terms of capital commitment. While the heritage of the shipyard and the increasing prospects in the market were a major part of this decision, this was also fuelled by the fact that we got the right management team into the company. Philipp brought in people who he trusted to make the venture a success and I trusted him to see that end.&nbsp;When he came onboard in October 2020 I had the feeling that we had the right person in the role. He had the motivation, the passion and the commitment to do it and I said “OK, I will support you all the way and if you find something which makes sense, is lucrative and will help us grow and fulfill our vision to build something bigger, more sustainable and profitable, we will do it.”<img src="https://photo-assets.superyachttimes.com/photo/98799/image/large-9a54de6d47c002319e951295f26172fa.jpg" data-gid="gid://syiq/Photo/98799">He came up with the potential acquisition of <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> when there was first rumour of them being in trouble in March/April 2021 and it made sense to me. There are two areas in shipbuilding where you can still have margins and can potentially make money. On one hand you have more complex, technologically advanced vessels such as research, naval and military vessels. Anything relating to innovation, energy technologies and the like is already covered under <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">FSG</a>’s market. The other area however is superyachts and we are currently in another boom for that industry and so the timing made sense to us.&nbsp;In addition, this is probably one of the first times in the last 20-30 years that a well-established, high-end brand with a strong track record came on the market, which in itself is a rare event. In my opinion, <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> is one of the very few shipyards in the world that has the skill and capability to build large fully customised superyachts. It has the infrastructure and the reputation and almost everyone knows the name and in addition most of the staff have remained with the shipyard which has retained their level of expertise. I believe we were the only bidder to offer to take over all the employees, except the steel building department which we don’t need because we have that trade at <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">FSG</a>.&nbsp;We see this as a forward looking investment, where we will grow rather than consolidate. We need the know-how and the resources of those employees to facilitate the growth that we want to enjoy over the next few years. So that's why it was a rather easy decision to jump and move into this sector. The company is 100 percent owned by me and between Philipp and myself it was a very unbureaucratic and quick decision process. We are very pleased that we were able to win the auction and buy <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a>.<img src="https://photo-assets.superyachttimes.com/photo/203683/image/large-6d8021c836d0ab4368cc45757972e89f.jpg" data-gid="gid://syiq/Photo/203683">Did you ever consider building yachts under&nbsp;<a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">FSG</a>, and had the&nbsp;<a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a>&nbsp;opportunity not arisen, might that have been something we would have seen?It was on our radar and <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">FSG</a> was already involved with the industry in a few ways. If, for example, you look at the <a data-gid="gid://syiq/Company/44" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Abeking & Rasmussen (Company)">Abeking &amp; Rasmussen</a> 98.4-metre superyacht <a data-gid="gid://syiq/Yacht/5752" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Aviva98.4m (322'10&quot;)Abeking & Rasmussen2017">Aviva</a>, we built the entire hull because they did not have the capability in-house to do so.&nbsp;Due to the expertise of <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">FSG</a> in large scale steel construction it is known worldwide and so yes, we were thinking about it but it is hard to break into the industry without a brand.That is another reason why <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> is perfect for us, because there is a real synergy between the two companies and we can build on the <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> brand. We currently have two world famous yachts out there, one is <a data-gid="gid://syiq/Yacht/4450" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sailing Yacht A142.81m (468'6&quot;)Nobiskrug2017">Sailing Yacht A</a> and the other is <a data-gid="gid://syiq/Yacht/6282" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Artefact80.0m (262'6&quot;)Nobiskrug2020">Artefact</a> but we know we have another one or two orders coming in for truly innovative vessels. We will build on the reputation and show in the coming years that there is much more to come. There is more that <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> will bring to the market, with high end, super high quality and very individually complex, technologically advanced yachts. <img src="https://photo-assets.superyachttimes.com/photo/207041/image/large-c5e596c1b037840fdf438d6b4b86ba09.jpg" data-gid="gid://syiq/Photo/207041">And in terms of size, is there a minimum or rather a limit to what you will be building?We would not say no per se but we will start at around 60 metres and go right up to the largest sizes, with the capability to build vessels even toward 170 metres.How about the existing projects? Are they all going to be completed by&nbsp;<a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a>? Or is that still ongoing conversations with clients?At this time these are still ongoing conversations. We know that some will stay and others are yet to be decided, but we also have a pipeline of new projects which will soon be announced.<img src="https://photo-assets.superyachttimes.com/photo/196920/image/large-8556f6fcaf442229c8b5a199cc0094b8.jpg" data-gid="gid://syiq/Photo/196920">So in terms of speculation building, is that something you believe in as well? Is that something you would be interested in?I do not think it is necessary to build on speculation with the current flow of the market and it is certainly not our current strategy. Over the next few months we will come into a situation where we have to select what we can do or decide to increase capacity because while we still have some capacity at this time, I see that quickly filling up. If we only do a small percentage of our current pipeline we will be fully loaded very soon.And coming in now as a shipyard owner, what in your view can still be done better in the industry, where is there room for improvement?I cannot pretend that I am the inside advisor for <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a>, but what I know personally from my own experience as a charterer and customer is that style and technology are hugely important. These will be the cornerstones of our philosophy for <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> and we want to retain the super high end German mark of top quality engineering inside and out. <img src="https://photo-assets.superyachttimes.com/photo/194843/image/large-3033b2e6be8b18837ae863c9e8bf456f.jpg" data-gid="gid://syiq/Photo/194843">Are you also going to be actively involved as well? Will you use your own network with clients and in the negotiations of contracts?Absolutely, and the good thing is that if I talk to fellow entrepreneurs or billionaire friends who are keen to buy yachts it is a very natural and pleasant conversation. The topic is enjoyable and it does not cause me or my companions pain or stress to discuss, it is an exciting topic. I will continue to do this through my vast and very extensive global network and we have already started to harvest the fruits of these very valuable conversations.Do you expect younger people to begin to get involved in yachting, especially with younger tech-based businesses emerging?&nbsp;I spend about a third of my time in the US and we are very well connected in Silicon Valley, probably more so than anyone else. I did a talk last week with 40 or so tech entrepreneurs and introduced them to <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> and the reaction was very positive, with many of them looking to visit the shipyard. The world is also opening up, allowing people to travel even more.I do believe that young tech entrepreneurs who made a lot of money in the last two years are definitely a key target group of ours and we are extremely well equipped to serve them. <a data-gid="gid://syiq/Yacht/6282" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Artefact80.0m (262'6&quot;)Nobiskrug2020">Artefact</a> is a fantastic example of that, she is a complex, technology focused and innovative yacht that is environmentally conscious, quiet and low emission – exactly the type of vessel young people are looking for. <img src="https://photo-assets.superyachttimes.com/photo/191672/image/large-c737c5720a07dccff7ad6931446109d5.jpg" data-gid="gid://syiq/Photo/191672">On that point, how is&nbsp;<a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a>&nbsp;going to be involved with sustainability, which is obviously very important, especially for the younger generation?As I said I am not an aficionado of this industry, but as far as I know there is no other yacht in the fleet today which can compare to <a data-gid="gid://syiq/Yacht/6282" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Artefact80.0m (262'6&quot;)Nobiskrug2020">Artefact</a> when it comes to environmental-friendliness. This yacht has been built to the highest environmental standards and is an example of how we will continue to build yachts. This is a showcase for us of what we are able to do and what we will continue to do from an environmental standpoint.<ul><li><a data-gid="gid://syiq/Article/52478" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Attention to detail: Inside the 80m Artefact (2021-03-04 14:45:00 +0100)">Attention to detail: Inside the 80m Artefact</a></li><li><a data-gid="gid://syiq/Article/53303" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug superyacht Artefact in Camogli (2021-07-06 08:00:00 +0200)">Nobiskrug superyacht Artefact in Camogli</a></li><li><a data-gid="gid://syiq/Article/53303" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug superyacht Artefact in Camogli (2021-07-06 08:00:00 +0200)">Nobiskrug superyacht Artefact in Camogli</a></li><li><a data-gid="gid://syiq/Article/53575" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lars Windhorst completes Nobiskrug takeover (2021-08-20 08:45:00 +0200)">Lars Windhorst completes Nobiskrug takeover</a></li></ul>Do you see&nbsp;<a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a>&nbsp;as a long term investment for you?I certainly do. The good thing is that it is not the only business we have, overall it makes up five, maybe 10 percent of what we do, meaning that it is not such a huge investment with a lot of pressure to make money immediately. It is a business that we want to hold onto for the long term, to invest in and grow.&nbsp;It also has more than just monetary value to us, it is a great asset to own, a fantastic brand but also a nice topic to talk about within our network. I will be able to help friends obtain the right yacht and I aim to hold the company for the very long term, grow it and ultimately position it at the top of the market.And in that sense is your investment partly passion driven as well? Because shipyards aren’t the easiest industry to make money out of…There is a passion there for sure, but it is really something which we want to build in a commercially viable way. Business can only be sustainable if it makes money and <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> will make money. If you don’t have the commitment and aspiration to make money, it doesn’t make sense and it would become an unhealthy asset.<img src="https://photo-assets.superyachttimes.com/photo/204250/image/large-cf43b3380f723fc4a1641b6e3bbce0f9.jpg" data-gid="gid://syiq/Photo/204250">Are you also looking at other investments in the yachting industry? From suppliers or marinas or brokerage firms? Are there any other fields you would be interested in?We always have our eyes open, we are optimistic in that sense, but no there is nothing in particular that we are looking for.And finally, are you going to be building your own yachts at&nbsp;<a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a>?Of course! There is no other way and nowhere else I would build them!&nbsp;

Lars Windhorst interviewed on the purchase of Nobiskrug

Lars Windhorst, owner of Nobiskrug interviewed by Merijn de Waard about his plans for the legendary shipyard.

SYT exclusive with Lars Windhorst: Nobiskrug will be "bigger, more sustainable and profitable. We will do it!"

The long saga of the <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> insolvency has finally come to a close, as Lars Windhorst, founder and owner of the Tennor Group, which owns both <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> and <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">Flensburger Schiffbau-Gesellschaft (FSG)</a>, took over the shipyard. Henceforth, the companies within the Tennor Group will work under one administration while operating from their own locations.<img src="https://photo-assets.superyachttimes.com/photo/203683/image/large-6d8021c836d0ab4368cc45757972e89f.jpg" data-gid="gid://syiq/Photo/203683">It is the intention of the group to share the skills and knowledge of each division, providing the specialists from <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">FSG</a> with merchant and naval experience access to the specialists in the superyacht division and vice versa. The main areas of collaboration will be in design, purchasing and administration and a total of 645 employees will work together across the locations.<ul><li><a data-gid="gid://syiq/Article/52703" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="German shipyard Nobiskrug files for insolvency (2021-04-13 10:15:00 +0200)">German shipyard Nobiskrug files for insolvency</a></li><li><a data-gid="gid://syiq/Article/52818" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug Shipyard looking for investors (2021-04-30 10:45:00 +0200)">Nobiskrug Shipyard looking for investors</a></li><li><a data-gid="gid://syiq/Article/53385" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug Shipyard has been saved by Flensburger Schiffbau-Gesellschaft shipyard (2021-07-16 19:15:00 +0200)">Nobiskrug Shipyard has been saved by Flensburger Schiffbau-Gesellschaft shipyard</a></li></ul><img src="https://photo-assets.superyachttimes.com/photo/68731/image/large-0341919e64beb19d4317204745a22906.jpg" data-gid="gid://syiq/Photo/68731">“<a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> and its employees ideally complement our strategy in the shipbuilding industry. Our strategic goal is to achieve relevant market shares in both of these significant markets and at the same time develop innovation,” said Lars Windhorst.<img src="https://photo-assets.superyachttimes.com/photo/86793/image/large-a4520d1debc3fdcda0f35d5217a12a59.jpg" data-gid="gid://syiq/Photo/86793">Philipp Maracke, CEO of <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">FSG</a> and <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a>, shared Windhorsts enthusiasm for the takeover commenting, “with the takeover of <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> shipyard, we are positioning ourselves broadly for the future. Both shipyards have extensive know-how in the construction of specialised and technically complex vessels, which complement each other perfectly.” <img src="https://photo-assets.superyachttimes.com/photo/203684/image/large-5acd358a5d181e9eee2b9002b9695491.jpg" data-gid="gid://syiq/Photo/203684">The finalisation of the deal is an exciting step for the industry, with many professionals having looked to <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> as one of the top innovators. The Tennor Group have pledged that the two shipyards will continue to stand for innovative, sophisticated and efficient shipbuilding of the future.&nbsp;

Nobiskrug shipyard takeover concluded

The takeover of Nobiskrug shipyard has now been concluded, with the Tennor Group moving in this week.

Lars Windhorst completes Nobiskrug takeover

<a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">Flensburger Schiffbau-Gesellschaft</a> FSG have just announced the acquisition of superyacht shipyard <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a>, including its shipbuilding facilities, trademark rights and intellectual property. In addition, the remaining 280 employees will also be taken over.<img src="https://photo-assets.superyachttimes.com/photo/194054/image/large-45f340199e017ba851e37398be4b85c3.jpg" data-gid="gid://syiq/Photo/194054">The deal was concluded for an undisclosed amount today. <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">FSG</a> is a company of the Tennor Group founded by Lars Windhorst, who stated &nbsp;“This takeover is an important strategic step for us. <a data-gid="gid://syiq/Company/5" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nobiskrug (Company)">Nobiskrug</a> opens up access to the attractive growth market of superyacht construction. The renowned shipyard stands for innovative and ecologically demanding individual shipbuilding like few others. <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">FSG</a> remains the core of our maritime investment with the construction of merchant and naval vessels, which we are now expanding to include the construction of superyachts.”<img src="https://photo-assets.superyachttimes.com/photo/120648/image/large-2474bf5363d9a2db0dd06acb30430d31.jpg" data-gid="gid://syiq/Photo/120648">Philipp Maracke, CEO of <a data-gid="gid://syiq/Company/5275" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Flensburger Schiffbau-Gesellschaft (Company)">FSG</a> will manage both shipyards to ensure efficiency and stability, with forces combined and collective projects established. They also stated that together the companies will employ 645 people.<img src="https://photo-assets.superyachttimes.com/photo/104270/image/large-dbc0c6c5192f4f50ff02ea5e4e5290ea.jpg" data-gid="gid://syiq/Photo/104270">&nbsp;

Nobiskrug shipyard acquired by Lars Windhorst

Legendary German shipyard Nobiskrug has been saved from collapse by FSG.