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Greece owes 'at least EUR100 million' to Thyssenkrupp, claims industry source
By Keri Smith
06 March 2008
A payment of at least EUR100 million (USD152 million) is outstanding on a Greek order for Thyssenkrupp Marine Systems Type 214 submarines and additional submarine upgrade work for the Hellenic Navy, an industry source close to the programme has told Jane's.
Greece signed a contract for three Type 214 boats for the Hellenic Navy in February 2000 and subsequently a fourth was ordered in May 2002. These were to be built by Hellenic Shipyards Company (now owned by Thyssenkrupp Marine Systems subsidiary Howaldstwerke-Deutsche Werft [HDW]).
The source told Jane's on 4 March: "A substantial three-digit figure in million euros [is] outstanding on this order," adding: "In spite of [the] client's break of contract, there has been no interruption of the work on the Type 214 submarines, nor on the Neptune II programme.
"However, the [Thyssenkrupp] yards are suffering [financial] damages."
At the time of going to press, no spokesperson for the Greek customer was available for comment.
Image: HDW launched the Greek Type 214 submarine HS Papanikolis at its yard in Kiel, Germany, on 22 April 2004. (Michael Nitz)