AD Ports seals 100% takeover of Spain’s Balenciaga Shipyard

AD Ports Group announced that its subsidiary SAFEEN Drydocks, part of Noatum Maritime, has acquired 100 per cent ownership of Balenciaga Astilleros Shipyard, one of Spain’s most established and technologically advanced shipbuilding and repair facilities, for a total consideration of EUR 11.2 million.

The transaction further consolidates AD Ports 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, brings almost a century of shipbuilding expertise and state-of-the-art infrastructure, including two drydocks, a 105-metre slipway, and a factory equipped with advanced automation and fabrication technologies spanning 22,385m², complemented by a 3,530m² 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 specialising in the construction of advanced Service Operation Vessels (SOVs) which serve as floating bases for offshore wind farms, as well as research vessels, offshore support vessels, and specialised 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, 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 specialised 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 specialised 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.

Last yearAD Ports Group signed three Heads of Terms (HoTs) with the Arab Shipbuilding & Repair Yard Company (ASRY), for the provision of marine services in Bahrain to collaborate on strategic maritime and ports projects.

These new agreements follow the successful establishment of ASRY Marine, a joint venture between Noatum Maritime, part of AD Ports Group’s Maritime & Shipping Cluster, and ASRY, focused on providing integrated marine services in Bahrain.

The first Head of Terms (HoT) pertains to a Joint Venture (JV) to manage drydock facilities and shipyards. The JV aims to leverage the capabilities and facilities of each party through their established businesses in this sector. This agreement seeks to enhance drydocking and shipbuilding capabilities within the GCC and explore opportunities in other regions. Additionally, both parties signed a second HoT with a third party, JM Baxi, an India-based well-established business specialising in marine services, ports, logistics, and technology. This agreement focuses on creating green ship recycling facilities to promote a circular economy by repurposing parts and minimising waste, thereby reducing carbon emissions. Green recycling in the shipping industry involves the environmentally responsible dismantling and repurposing of ships, contributing to resource conservation and pollution reduction. JM BAXI is actively involved in promoting and implementing sustainable practices in this area and supports the implementation of the Hong Kong Convention (HKC), a global standard for responsible ship recycling.

The final HoT signed by AD Ports Group and ASRY relates to exploring joint investment opportunities within ports and terminals. Through the creation of a collaborative framework and a working group the parties will draw on their joint expertise to identify prospective areas of development.

Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, said, “Following the successful formation of our recent joint venture with ASRY, we look forward to deepening our collaboration across the maritime realm. We have already developed strong working ties, and this agreement opens the door to create more value and growth across our operations. Exploring opportunities to establish green ship recycling facilities is also very important for us, ensuring that vessels are retired in a safe and environmentally responsible manner.”

WAM