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The Shipyard of Maragogipe, Bahia, Has Been Under Extrajudicial Recovery Since 2017, but the Lack of Orders Has Worsened the Situation
Struggling for survival and currently engaged in repairs, such as that of the Prosafe vessel, the Enseada Indústria Naval (EIN) shipyard, located in the municipality of Maragogipe, Bahia, has requested judicial recovery due to debts of approximately R$ 2.3 billion.
The company, which has been making every effort to overcome its business and financial challenges since the end of 2014, has been under extrajudicial recovery since 2017.
The plan was requested in the hope that orders would be placed during this period to keep the shipyard honoring its commitments, but this did not materialize.
It is worth noting that the Enseada shipyard participated in the Brazilian Navy’s bidding process for the construction of four Corvettes, which was won by the Águas Azuis consortium, where the constructing shipyard will be Oceana from Itajaí.
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In entering judicial recovery, the Bahia shipyard hopes to restructure its liabilities, “This measure will enable the implementation of a definitive financial restructuring, in a coordinated, secure, and transparent manner, allowing the continuity of its operational activities and its social function of ensuring and generating jobs. The company continues its activities as usual,” says the statement.
According to the company, the main reasons for the request for judicial recovery were primarily the change in the scenario (compared to the time of investment in its construction) and the new local content rules that would directly affect new orders in the shipbuilding and offshore sector.
The Enseada was the largest private investment in Bahia in the last 15 years, and its construction, although unfinished, cost around R$ 3 billion.
The shipyard, which at the peak of its construction employed more than nine thousand workers, was immensely affected by the cancellation
of contracts for six rigs contracted by Sete Brasil.
The drillships Ondina and Pituba had their hulls started in Japan, at the Sakaide and Kobe shipyards of Kawasaki Heavy Industries (KHI), which was then the technology partner and stakeholder, but their construction was halted, even though the hull of Ondina had already been launched into the sea and a good part of the equipment for Pituba was already in Kawasaki’s warehouses.
The cancellation of this contract due to the developments of Operation Car Wash led to the dismissal of thousands of workers. Sinaval estimates that the Brazilian shipbuilding industry has already lost more than 50,000 direct jobs since the end of 2014. The information comes from the magazine Portos e Navios, which also reported that the company will update its partners with a statement.
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