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Friday, October 29, 2010

Future of Greek shipyard secured

U 214 ClassThe contracts for implementing the framework agreement signed by the Greek government, ThyssenKrupp and the Abu Dhabi MAR group on 30 September come into effect today, 27 October.

The contracts form the basis for the transfer of a 75.1% interest in the Greek shipyard of Hellenic Shipyards to the Abu Dhabi MAR group, 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 the modernization of two class 209 submarines).

This ends the dispute with the Greek government over acceptance of the HS Papanikolis class 214 submarine which has been running since 2006.

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