AD Ports Buys Spanish Shipyard Astilleros Balenciaga
The Abu Dhabi-based AD Ports acquired a Spanish shipyard as part of its effort to expand in the Mediterranean and serve the offshore operations sector. The reports indicate that it paid €11.2 million ($13.1 million) for 100 percent ownership of Astilleros Balenciaga, based on the northern coast of Spain near Bilbao. The shipyard, which traces its origins to 1921, will now be known as Balenciaga Shipyard. AD Ports acquired the yard for its Safeen Drydocks subsidiary, which is part of...
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