TRIESTE – The Croatian state has launched the privatisation of Uljanik Brodogradnja 1856, the historic Pula shipyard at Scoglio Olivi, putting a 97.13% stake in the company’s share capital on the market.
The minimum price set by the Centre for Restructuring and Sale (CERP) is €11.08 million, while any buyers are required to guarantee the continuity of shipbuilding activity throughout the maritime concession area granted to the yard.
The tender, published by CERP as representative of the Republic of Croatia, concerns four company stakes held by the state. The total nominal value of the holding is €34.38 million, but the sale procedure starts from a significantly lower valuation.
The operation represents the latest chapter in the process launched in March 2024, when the Croatian government acquired 54.77% of the share capital of Uljanik Brodogradnja 1856 from the previous entity under extraordinary administration, thus becoming the majority shareholder. In the same measure, the government instructed CERP to proceed subsequently with privatisation, once delivery of two newbuildings had been completed and the loans granted by the Croatian Bank for Reconstruction and Development (HBOR) had been repaid.
For the shipyard’s director, Samir Hadžić, interviewed by the Hina agency, the publication of the tender is a natural consequence of the decisions taken by the government, but the manager expressed some reservations about the advisability of the sale in the current international scenario. According to Hadžić, ongoing geopolitical and geostrategic changes could call for reflection on the strategy adopted, considering the industrial and strategic importance of the projects the shipyard could develop in the coming years.
The executive also recalled that Uljanik currently employs around 300 direct workers, with another 200 employed by companies operating within the concession area. At present, the shipyard is engaged in the construction of vessel number 526, intended for the transport of live cattle.
The new procedure represents the eighth attempt to sell or privatise the Pula facilities, after previous procedures launched in recent years failed to produce a positive outcome. On the industrial front, Uljanik recently signed a strategic cooperation agreement with Spanish group Navantia. The agreement is linked to the programme for the future construction of multirole corvettes for the Croatian Navy, for which the Spanish company is proposing the Avante 2200/ALFA 3000 platform. However, some industry observers point out that the shipyard’s current operational and financial scale makes participation in highly technologically complex military programmes particularly challenging.
Binding offers must be submitted by 18 August 2026. To take part, bidders will have to purchase the tender documentation and provide a guarantee of around €110,000 in the form of a cash deposit or bank guarantee. CERP has reserved the right not to accept any of the proposals that may be received.
