German shipbuilder Nordic Yards has been acquired by Malaysian multinational Genting Group, a move which will see Nordic Yards wind down its production of offshore wind and oil and gas support vessels in favour of chasing cruise ship construction contracts. The current stagnation in the offshore sector, coupled with the slowdown in the Russian market, has precipitated this decision, Nordic Yards announced in March. The buy-out, however, will see all Nordic personnel retain their jobs. The German builder most recently handed over two icebreaking multipurpose patrol and rescue boats to the Russian sea rescue service Rosmorrechflot (see Ship & Boat International, March/April 2016).
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