Sale of Polish bankrupt offshore foundations maker attracts bids

Polish bankrupt manufacturer of offshore turbine foundations ST3 Offshore said that the sixth tender for the factory sale has finally attracted bids but because of their close prices, the winner will be selected in an oral auction.

For confidentiality reasons the bidders' details will not be made public until the final settlement of the tender, ST3 Offshore said on Monday.

The trustee was not able to select a buyer because the difference between the proposed prices of the two bids was PLN 2 against a regulatory requirement of PLN 500,000. Thus, the matter will be decided at an oral auction whose date is to be set by the judge-commissioner.

The production site of ST3 Offshore, former Bilfinger Mars Offshore, on Ostrow Brdowski island, north of Szczecin, was opened for operation at the end of 2015, following an investment of EUR 50 million by the founders and EUR 25 million EU financing. It produced steel foundations, transition pieces and other structures for offshore wind farms.

After years of losses, the company declared bankruptcy on March 31, 2020. Its assets are currently managed by receiver Natalia Leszczynska. Five tenders have failed so far to find a buyer because no bids were submitted. The funds obtained will be used for creditor repayment and employee receivables.

Bilfinger Mars Offshore was a joint venture between offshore wind specialist Bilfinger Marine & Offshore Systems and Polish closed-end investment fund MARS. In 2016, German engineering group Bilfinger SE sold its 62.5% stake to investor VTC Group Munich.

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