Future secure for Hellenic shipyards

The Hellenic Ministers of National Defense and Finance together with Dr. Hans Christoph Atzpodien, CEO of ThyssenKrupp Marine Systems AG and Iskandar Safa, Chairman and CEO of Abu Dhabi MAR LLC, signed the contracts to implement a Framework Agreement for the Hellenic shipyards in Athens on September 30, 2010. The contracts are considered essential in securing the future of the shipyard and Greek expertise in submarine construction. The agreement provides for the transfer of 75.1% of the shares in the Greek shipyard to Abu Dhabi MAR, the acceptance of the submarines built to date and the purchase of two further Class 214 submarines as part of the existing Neptune II program (instead of two Class 209 modernizations). Since acquiring HSY in 2005 ThyssenKrupp has expanded the shipyard into a state-of-the-art submarine manufacturing site in the Mediterranean region.

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