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Tuesday, May 17, 2011

German group pulls out of Greek submarine order

U 214 ClassGerman shipbuilding group HDW has pulled out of a subcontractor deal to build two submarines at an Arab-owned shipyard in Greece, the Greek defence minister said on Monday.

HDW bowed out due to "major disagreements" on broader project cooperation in Germany between its parent company ThyssenKrupp Marine Systems and Abu Dhabi Mar, the new owners of Hellenic Shipyards near Athens that were to handle the submarine contract, Defence Minister Evangelos Venizelos said.

The dispute concerns the building of two new 214-class submarines and the overhaul of an older 209-class submarine, Venizelos said in a statement.

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