The yard will support construction of four vessels commissioned by the Romanian government and financed through the EU’s SAFE loan mechanism. Rheinmetall Naval Systems’ order comprises two 96-metre offshore patrol vessels and two 43-metre diver support vessels.
Naval orders underpin investment plans
The partners will jointly pay for the shipyard, which lies south of Constanța. They plan to divide it into separate sectors and security zones so civilian and military projects can run in parallel for domestic and international customers.
“Following the acquisition, we plan to expand and upgrade the shipyard comprehensively,” said Tim Wagner, chief executive of Rheinmetall’s Naval Systems division. “Our aim is to further develop the existing infrastructure, improve production conditions and adapt capacity to meet future requirements.”
Rheinmetall intends to use Mangalia for further military shipbuilding projects beyond the Romanian order. The company sees the yard as a base for expanding its naval activities in south-eastern Europe.
Bankruptcy followed dispute with Damen
Mangalia was once among Europe’s largest shipyards and a major Romanian employer. It most recently operated through a joint venture between Dutch shipbuilder Damen and the Romanian government.
Damen took over management in 2018, holding 49 per cent of the operating company while the state owned 51 per cent. From 1997 to 2018, the yard had operated as Daewoo-Mangalia Heavy Industries.
The partnership encountered difficulties after Romania changed company-management legislation in 2023. Damen considered the changes a breach of its agreement covering the shipyard.
Damen sought the yard’s insolvency in 2024, citing substantial loans it had provided for modernisation and operating costs. Creditors rejected a restructuring plan, and a court declared the company bankrupt in April 2026.
Damen was the largest creditor. Its Mangalia venture was separate from its shipyard in Galați, where the group has operated since 1999.
Expanding Rheinmetall’s Romanian operations
The acquisition would add shipbuilding to Rheinmetall’s industrial presence in Romania. The Düsseldorf-based group has operated there since 2024 through Rheinmetall Automecanica in Mediaș.
“This will enable the site in the long term to play a key role in the implementation of our strategic activities in South-Eastern Europe and to strengthen our industrial presence in the region,” Wagner said. The purchase has yet to be finalised.
