Kuzey Star Shipyard has acquired a 97.13% stake in Uljanik Brodogradnja 1856 for €12.05 million, marking a new era for the Croatian shipyard.
Kuzey Star Shipyard has purchased a 97.13% stake in Uljanik Brodogradnja 1856 Shipyard, located in Pula, Croatia, for 12.05 million euros. The sale and share transfer transactions were completed on October 14.
Uljanik Brodogradnja 1856, one of Croatia's established shipbuilding facilities, has now come under the umbrella of the Turkish company Kuzey Star Shipyard. During the privatization process carried out by the Croatian Restructuring and Sale Center (CERP), Kuzey Star's bid of 12 million 53 thousand 500 euros was accepted.
As part of the agreement announced by the Croatian Ministry of Economy, the sale of four business shares representing 97.13% of the company was carried out. The sale and share transfer transactions were completed on October 14, 2026.
Shipbuilding and repair activities will continue at the shipyard.
Under the sales agreement, Kuzey Star has committed to continuing shipbuilding, maintenance, repair, and revision activities at the Uljanik Shipyard.
The transaction encompasses the shipyard's existing production infrastructure and the rights to use marine areas in the Gulf of Pula. However, the ownership of the land where the shipyard is located will remain with the Croatian state.
In the tender process initiated in June, a starting price of 11.08 million euros was set for the facility. Nine companies received the tender documents, while two binding bids were submitted. The bid from Luxembourg-based Mira Finance Holding was deemed invalid due to the failure to deposit the required collateral.
Croatian Minister of Economy Ante Šušnjar stated that the agreement is an important milestone for revitalizing the shipbuilding industry in the Pula region.
Šušnjar expressed that the future development of the shipyard will depend on the commercial decisions, investments, and orders of the new investor.
Uljanik entered bankruptcy proceedings in 2019.
Founded in 1856, Uljanik is among Croatia's oldest shipbuilding centers. For many years, the shipyard was one of the region's significant industrial establishments, but it entered bankruptcy proceedings in 2019 due to financial difficulties.
As part of the restructuring efforts, Uljanik Brodogradnja 1856 was established. State support was provided to ensure the continuation of the shipyard's operations and to meet the employees' receivables.
Before the sale, there were approximately 230 employees at the shipyard, and with the participation of subcontracted personnel, the number of those involved in production activities ranged from 250 to 300.
Kuzey Star's international shipyard operations are expanding.
Kuzey Star, which has shipyards in Tuzla and Yalova, Turkey, had previously collaborated with Uljanik on joint shipbuilding projects. The acquisition in Croatia has added a new dimension to the company's shipyard operations within the European Union.
Kuzey Star also signed an agreement in January 2026 with the Syrian government to establish a shipyard in Tartus.
Source: SeaNews Türkiye
