Palumbo Group opens new site in Romania

Palumbo Group's latest acquisition on the banks of the Black Sea in Romania comes on the back of a €10 million takeover of a marine facility in Savona, Italy

Palumbo Group, which runs Malta’s shipyard in Bormla, has just opened a new site in Romania and this week entered into a €20 million joint venture to build a massive floating dock in Naples (Photo: Keith Abela)
Palumbo Group, which runs Malta’s shipyard in Bormla, has just opened a new site in Romania and this week entered into a €20 million joint venture to build a massive floating dock in Naples (Photo: Keith Abela)

Palumbo Group, which runs the Bormla shipyard, has just opened a new site in Costanza, Romania, as it continues with its rapid expansion.

The development comes just a month after it invested more than €10 million in taking over the ailing former Mondomarine facility in Savona, Italy.

"Our strategy is to continue building on optimising our services and remaining a major player to be reckoned with in the Mediterranean," Group CEO Antonio Palumbo said.

The new site in Costanza will provide specialised services to the offshore and engineering sectors.

The new project ties in with Palumbo’s existing shipbuilding network and follows on the installation of a floating dock at the group's shipyard in Tenerife, that is specifically intended to handle important works in the field of oil and gas.

"Through our site in Costanza we are also planning on entering into agreements with universities to set up a training centre for young graduates seeking to build their expertise in the sector’s aspects of safety, security and engineering," Palumbo said.

Palumbo’s Napoli Dry Docks entered into a €20 million joint venture with La Nuova Meccanica Navale (a company where MSC Cruises has a minority shareholding) to build a massive floating dock.

Palumbo Group is projecting that once complete this floating dock, which is 250 metres long and 50 metres wide, will handle 20 to 25 vessels for ship repair a year.

The group is split into two main divisions — commercial shipbuilding and luxury yachts — and owns seven different bases, including the former Malta Drydocks.

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