The German shipbuilding subsidiary of casino and cruise ship operator, Genting Hong Kong Limited, has reportedly signed a deal that will see it pay Almaco Group Oy around $97.1 million in order to fit out a number of new vessels that are scheduled to be launched by 2021. According to a report from GGRAsia, Genting Hong Kong Limited explained via a Tuesday filing with the Hong Kong Stock Exchange that the agreement was inked by its MV Werften Wismar GmbH subordinate following ‘arm’s length negotiations’ and will see the Finnish marine construction firm provide ‘turnkey works’ for the coming ships.
The company, which was formerly known as Star Cruises Limited, is itself a subordinate of Malaysian casino operator, Genting Group, and is responsible for the Crystal, Dream and Star Cruises brands. The Hong Kong-headquartered firm also partnered with Manila-based Alliance Global Group Incorporated in 2013 to establish Travellers International Hotel Group Incorporated, which operates the Resorts World Manila integrated casino complex in the Philippines.
GGRAsia reported that the most recent deal follows a previous arrangement that saw MV Werften Wismar GmbH pay Turku-headquartered Almaco Group Oy just shy of $30.3 million in order to provide equipment for the under-construction vessels. “MV Werften Wismar GmbH shall pay the considerations in instalments by 2021 with reference to, among others, the delivery time points of the turnkey works and the vessels and will settle such consideration out of the internal resources of the group and external financing,” read the June 26 filing (pdf) from Genting. “Almaco Group Oy specializes in providing service as a full-service contractor for new construction and in modernization of cabins, wet units, public spaces, galleys, provision stores, refrigeration machinery and complete living quarters.”
GGRAsia reported that Genting purchased the Lloyd Werft Bremerhaven AG shipyard in 2015 while the next year saw it detail that was set to spend in excess of $116 million in order to upgrade the three facilities operated by MV Werften Wismar GmbH.
