The filings were made at the district courts in Neumünster and Flensburg, with attorneys Christoph Morgen and Hendrik Gittermann appointed as preliminary insolvency administrators.
Employees at Nobiskrug have faced repeated delays in salary payments, with many still awaiting their November wages and holiday bonuses. The loss of a €62 million government subsidy earlier this year, due to the failure to provide required equity capital, further exacerbated the situation. Hopes for a turnaround were also dashed as promised contracts failed to materialize, leaving the yard without the robust project pipeline it needed to stabilize operations.
Founded in 1905, Nobiskrug initially focused on commercial and naval ships before shifting its expertise to luxury yacht construction in the late 20th century. This transition positioned the yard as a leader in high-end shipbuilding, catering to an elite clientele seeking bespoke vessels that push the boundaries of design and technology.
Despite these challenges, Nobiskrug’s legacy as a pioneer in superyacht construction remains undeniable. Sailing Yacht A, delivered in 2017 and designed by the visionary Philippe Starck, continues to stand as one of the most iconic and futuristic sailing vessels ever built. Currently ranked 6th in the YB100 World's Biggest Yachts league table, it represents an extraordinary feat of engineering and design.
The 2020 delivery of motor yacht Artefact, ranked 85th in the YB100, further cemented Nobiskrug’s reputation for innovation. With its hybrid propulsion system and groundbreaking glass architecture, Artefact redefined sustainable luxury in the yachting world, showcasing the yard’s commitment to forward-thinking design.
Meanwhile, Tatoosh, ranked 77th in the YB100, was completed in 2000 for Microsoft co-founder Paul Allen. This remarkable vessel set a benchmark for large-scale luxury yachts in its era, highlighting Nobiskrug's unparalleled craftsmanship and engineering prowess. Its construction established the yard as a leader in delivering yachts that seamlessly blend technical excellence with timeless elegance.
It was reported that Nobiskrug encountered significant legal challenges related to the construction the 142.81-meter Sailing Yacht A which likely exacerbated its financial difficulties.
In February 2017, Sailing Yacht A was detained in Gibraltar following a breach of contract claim by Nobiskrug. The shipyard alleged that the owner, Valla Yachts Limited, had failed to pay €15.3 million, comprising a final installment of €9.8 million and additional sums from subcontractor invoices and disputed change orders. This incident not only strained Nobiskrug's financial resources but also highlighted potential cash-flow issues within the company.
The situation is equally dire at FSG, marking its second insolvency filing in four years. Known for its expertise in building naval and commercial vessels, FSG has struggled to secure its footing under Tennor’s ownership.
The insolvency filings have reignited calls for new ownership to secure the future of these shipyards. Industry experts remain cautiously optimistic, suggesting that a shift toward building naval vessels or components for the offshore wind industry could provide a viable path forward. For Nobiskrug, however, the hope is that its reputation in the superyacht sector will attract investors who can breathe new life into the brand.
As the yachting world watches closely, the fate of Nobiskrug serves as a stark reminder of the challenges even the most iconic yacht builders face when taking on ambitious, groundbreaking projects for visionary owners seeking to push the boundaries of design and innovation. Yet, with strong leadership, strategic focus, and the right investment, there is hope that this historic yachting name can once again find its footing and reclaim its place at the forefront of the industry.
To date, Nobiskrug has built an impressive fleet of 12 superyachts, each showcasing the yard's expertise in blending cutting-edge technology, innovative design, and exceptional craftsmanship. From groundbreaking designs like Sailing Yacht A to timeless classics like Tatoosh, Nobiskrug’s creations are celebrated worldwide. Click here to explore Nobiskrug's entire fleet.
