German Govt to Secure Future of MEYER WERFT Shipyard

The Federal Government and the State of Lower Saxony have collaborated to secure the future of the Papenburg-based MEYER WERFT. This partnership involves the acquisition of approximately 80% of the shipyard’s shares and an investment of 400 million euros. Additionally, both entities plan to provide guarantees of around one billion euros each to support existing orders and stabilize the company. These measures have been initiated due to the financial challenges faced by MEYER WERFT, attributed to factors such as the COVID-19 pandemic, the Russian-Ukrainian conflict, and escalating commodity prices.

MEYER WERFT, a longstanding figure in the German shipbuilding industry with over 225 years of history, secured orders totaling €11 billion through 2031. Noteworthy orders from companies like Disney Cruise Line and Carnival Cruise Line underscore the increasing demand for new ships as passenger traffic resumes. The goal of this refinancing effort is to safeguard over 3,000 direct jobs at the shipyard and countless more within the supplier network, as estimated by independent experts.

While the state’s involvement is substantial, it is intended as a temporary measure. The ultimate objective for all parties involved is to transition MEYER WERFT back into private ownership in the future, with the Meyer family retaining the option for repurchase. Bernard Meyer, representative of the family, expressed gratitude for the support received and shared optimism for the company’s future. He believes that with the collective effort made to provide a financial lifeline, MEYER WERFT can navigate through the crisis and ultimately return to being a financially sustainable and successful family-run enterprise.

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