Nobiskrug under the protection of German justice
The German shipyard Nobiskrug, which specializes in the construction of motor and sailing superyachts, has confirmed that it has applied for the safeguard procedure allowed by national legislation. The shipyard, founded in 1905, has made a name for itself with a number of luxury vessels, including the famous sailing superyacht Sailing Yacht A designed with Philippe Starck. The procedure is intended to ensure the payment of the 330 employees of the shipyard and to continue the construction of the megayachts Project 794 and Project 795, as well as the refits in progress.
A shipyard in trouble before the pandemic
In contrast to the yachting industry, which continues to break sales records, Nobiskrug has seen its economic situation deteriorate. According to the regional and national press, the situation, already delicate before the Covid-19 pandemic, has accentuated the difficulties. The yard laid off 120 employees in 2020. Nobiskrug's parent company, the Privinvest holding company, headed by the Franco-Lebanese Iskandar Safa, owns several shipyards in the military and yachting sectors, including German Naval Kiel and the French CMN in Cherbourg. It has invested 178 Meuros in Nobiskrug in recent years without succeeding in making the yard profitable. The know-how and infrastructure of the shipyard based in Rendsburg and Kiel could be of interest to other players in the German superyacht industry, such as Lürssen. It remains to be seen what the parent company's intentions are for the future of its showcase shipyard in the luxury yachting sector, while the majority of its activities are focused on the military sector.
