Kuzey Star Takes 97.13% Stake in Croatia’s Uljanik Shipyard

Kuzey Star Shipyard has taken control of Uljanik Brodogradnja 1856 in Pula, Croatia, buying a 97.13% stake for €12.05 million. The share transfer was completed on October 14, 2026. The deal keeps shipbuilding, maintenance and repair on the site’s operating agenda, while leaving key questions about its future workload and investment to the new owner’s commercial decisions.

The purchase covers four business shares, the facility’s existing production infrastructure and rights to use marine areas in the Gulf of Pula. The land beneath the shipyard remains Croatian state property. That distinction means Kuzey Star is acquiring control of the shipyard company and access to its operating assets, while the land itself is not part of the transfer.

Continuing shipyard operations

Under the sale agreement, Kuzey Star committed to continue shipbuilding, maintenance, repair and revision activities at Uljanik. The commitment preserves a range of work at the site, from new vessel construction to servicing and modification. The source does not specify a production schedule, planned investment, order book or staffing target, so the scale and pace of future activity remain open.

For customers and suppliers, continuity of work is the immediate operational point. A shipyard’s production infrastructure and access to water are useful only if projects, labor and materials can be coordinated around them. The source confirms that the infrastructure and marine-use rights are included, but gives no details on equipment upgrades, supplier arrangements or how Kuzey Star will organize production between its facilities.

Before the sale, Uljanik had about 230 employees. Including subcontracted personnel, between 250 and 300 people were involved in production activity. Those figures offer a snapshot of the workforce connected to the yard before the ownership change; the source does not report whether any staffing changes are planned.

The next practical measure of the acquisition will be the work that moves through the facility: new orders, repair assignments and the investment decisions needed to support them. The agreement establishes the operating scope, but no specific projects or delivery dates have been disclosed.

Tender drew two binding bids

The tender began in June, with a starting price of €11.08 million. Nine companies obtained tender documents, and two submitted binding bids. Kuzey Star’s accepted offer was €12,053,500. A bid from Luxembourg-based Mira Finance Holding was ruled invalid after the required collateral was not deposited.

The difference between the starting price and Kuzey Star’s bid shows the amount offered above the initial tender figure, but the source provides no valuation breakdown or terms beyond the sale details. The purchase price alone does not establish how much further spending the shipyard may need; future investment and order decisions will shape the operational picture.

A long-running industrial site changes hands

Founded in 1856, Uljanik is among Croatia’s oldest shipbuilding centers. It entered bankruptcy proceedings in 2019 after financial difficulties. Uljanik Brodogradnja 1856 was later established as part of restructuring efforts intended to keep operations going and address employee receivables.

The new ownership marks another turn in that effort. Croatian Economy Minister Ante Šušnjar described the transaction as a milestone for revitalizing shipbuilding in the Pula region, while also saying that the yard’s development would depend on the investor’s commercial choices, investments and orders. Those factors will determine whether the commitment to continue work translates into sustained production.

Kuzey Star already operates shipyards in Tuzla and Yalova, Turkey, and had previously worked with Uljanik on joint shipbuilding projects. The Pula acquisition adds a Croatian facility to that operating footprint. The source does not detail how the company plans to coordinate the sites or whether existing joint projects will resume.

For now, the clearest takeaway for the maritime supply chain is that Uljanik’s production base and marine access have a new controlling owner, with shipbuilding and repair activities slated to continue. The next indicators will be concrete: which orders the yard secures, how it deploys its workforce and whether the new owner commits investment to the facility.

Source: SeaNews Türkiye