Peene-Werft

Peene-Werft is a German shipyard headquartered in Wolgast, Mecklenburg-Vorpommern, on the Peene River. Established on 20 June 1948 by the Soviet military administration, it initially produced cutters and coasters as reparations for the Soviet Union. From 1951 onward, the yard became an important naval-construction facility in the German Democratic Republic. During the Cold War, it built a substantial share of the People's Navy's fleet, including light torpedo speedboats, minesweepers, landing ships, submarine hunters, support vessels, and other specialized craft. It also supplied vessels to the Soviet Union and produced dredgers and other maritime equipment. The shipyard operated as a state-owned enterprise within the GDR shipbuilding combine. Its output was closely tied to the strategic and industrial requirements of the socialist state. Naval production included the Kondor-class minesweeper, Hai-class submarine hunter, Krake-class mine-warfare vessel, Jugend-class supply ship, Ohre-class accommodation ship, Berlin-class replenishment ship, and Parchim-class corvette. The yard also participated in the production of vessels and components outside its core naval role. In the 1980s, the state-directed consumer-goods program led it to manufacture small cabin boats with internal-combustion engines, while the late 1970s saw the construction of sea bucket-chain dredgers for the Soviet Union. Around 2,900 people worked at the yard in 1989. German reunification brought major changes to the shipyard's ownership, order book, and product mix. In June 2010, Peene-Werft was combined with Volkswerft Stralsund GmbH to form P+S Werften GmbH. The new structure was intended to consolidate shipbuilding resources, but the business later encountered severe financial and operational difficulties. In 2012, management publicly questioned whether larger ships could continue to be built at Wolgast because of the limited size of the Peene waterway. The proposed response included greater emphasis on offshore-wind components, particularly jacket substructures. P+S Werften filed for bankruptcy in August 2012. The Wolgast yard was acquired during the bankruptcy process by the Bremen-based Lürssen Group in December 2012. Lürssen subsequently used the facility for naval work, including the relocation of construction of two forward sections for German Navy Baden-Württemberg-class frigates to Wolgast. In 2013, the yard opened a new flame-cutting center intended to support shipbuilding for German and foreign naval customers. The facility was also associated with an order for 30 patrol boats for Saudi Arabia. That program became commercially significant but politically controversial: Germany imposed an export ban on the boats in November 2018, forcing the shipyard to place a large part of its workforce on short-time work. In the 2020s, Peene-Werft remained involved in patrol and coast-guard construction. Lürssen confirmed in 2020 the delivery of ten coast-guard boats to Egypt. The boats were intended for domestic coastal-security missions, including protection of offshore installations, counter-smuggling operations, anti-piracy activity, and sea rescue. The shipyard was part of the Lürssen Group from May 2013 until 2025. In 2025, it was sold to Rheinmetall, bringing the Wolgast facility into a defense-focused industrial group with interests in naval systems and military platforms. Peene-Werft's history therefore links East German state shipbuilding, post-reunification restructuring, export-oriented naval work, and contemporary defense-industry consolidation.

Peene-Werft was founded on 20 June 1948 in Wolgast by the Soviet military administration. Its first work consisted of cutters and coasters produced as reparations for the Soviet Union. The yard entered naval construction in 1951 and subsequently became one of the principal shipbuilding centers of the German Democratic Republic. Its production was closely associated with the People's Navy, although vessels were also delivered to the Soviet Union. During the Cold War, the yard built a broad range of naval craft. Its output included light torpedo speedboats, short- and long-form minesweepers, landing ships, submarine hunters, replenishment vessels, accommodation ships, and corvettes. The shipyard was responsible for much of the fleet operated by the People's Navy. Its production portfolio also extended to sea bucket-chain dredgers for the Soviet Union in the late 1970s. During the 1980s, the GDR's compulsory consumer-goods program added small cabin boats with internal-combustion engines to the yard's activities. Peene-Werft was a state-owned enterprise within the GDR shipbuilding combine, employing approximately 2,900 people in 1989. Reunification transformed the business environment. The yard had to compete in a unified German and international market while adapting its facilities and order book. On 7 June 2010, Peene-Werft and Volkswerft Stralsund GmbH were merged into P+S Werften GmbH. The combined company struggled, and management indicated in 2012 that larger shipbuilding at Wolgast was constrained by the limited size of the Peene. A proposed diversification route involved fabricating jackets and other substructures for offshore wind turbines. P+S Werften entered bankruptcy in August 2012. Lürssen acquired the Wolgast shipyard in December 2012 for approximately 17 million euros, according to the referenced material. Abu Dhabi MAR also expressed interest during the insolvency process, but Lürssen became the successful owner. The new owner restored the yard's role in naval work, including construction of two forward sections for Baden-Württemberg-class frigates for the German Navy. In September 2013, a flame-cutting center was commissioned to support domestic and foreign naval contracts. The shipyard was connected with a contract to build 30 patrol boats, each approximately 35 to 40 meters long, for Saudi Arabia. Germany's export ban in November 2018 prevented delivery of the patrol boats and caused substantial disruption, including short-time work for much of the workforce. In 2020, Lürssen confirmed the delivery of ten coast-guard boats to Egypt. These vessels were intended for national coastal protection, offshore-installation security, anti-smuggling, anti-piracy, and search-and-rescue duties. Peene-Werft remained part of the Lürssen Group from May 2013 until 2025, when it was sold to Rheinmetall. The transaction placed the historic Wolgast shipyard within a major defense-industrial group. Its evolution reflects the transition from a Soviet-controlled and later East German state yard into a German-owned specialist facility serving naval, coast-guard, commercial, and maritime-industrial customers.

1. 2025Sold to Rheinmetall

   Rheinmetall acquired the shipyard from the Lürssen Group.

   Source
2. 2020Egyptian coast-guard boats delivered

   Lürssen confirmed delivery of ten coast-guard boats to Egypt for domestic coastal-security missions.

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3. 2018Saudi patrol-boat export ban disrupts production

   Germany prohibited export of the Saudi patrol boats, resulting in short-time work at the shipyard.

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4. 2013Flame-cutting center commissioned

   A new production center was opened to support naval shipbuilding for German and foreign customers.

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5. 2012P+S Werften enters bankruptcy

   The combined shipbuilding company filed for bankruptcy after financial and strategic difficulties.

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6. 2012Lürssen acquires the Wolgast yard

   Lürssen took over the Wolgast shipyard during the insolvency proceedings.

   Source
7. 2010Formation of P+S Werften

   Peene-Werft was combined with Volkswerft Stralsund GmbH to create P+S Werften GmbH.

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8. 1989Employment reaches approximately 2,900

   At the end of the GDR period, the shipyard employed around 2,900 people.

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9. 1951Naval construction begins

   The yard began building naval vessels and developed into a major supplier to the People's Navy of East Germany.

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10. 1948Shipyard established in Wolgast

    The Soviet military administration founded Peene-Werft on 20 June 1948. Initial production centered on cutters and coasters made as reparations for the Soviet Union.

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A German naval and commercial shipyard focused on specialized vessels, defense-related construction, ship sections, and maritime fabrication.

• Kondor-class minesweeperNaval vessel

  A class of minesweepers built during the East German period for naval mine-countermeasure operations.

• Hai-class submarine hunterNaval vessel

  A class of submarine-hunting vessels associated with Peene-Werft's Cold War naval production for the People's Navy.

• Parchim-class corvetteNaval vessel

  A class of corvettes constructed for the East German People's Navy and also supplied to the Soviet Union. It formed part of the yard's best-known Cold War naval output.

• Baden-Württemberg-class frigate sectionsNaval ship section

  Peene-Werft constructed two forward ship sections for Baden-Württemberg-class frigates of the German Navy after the yard was acquired by Lürssen.

• Patrol boats for Saudi ArabiaPatrol boat

  A reported order covered 30 patrol boats of approximately 35 to 40 meters in length. The program was affected by Germany's 2018 export ban.

• Coast-guard boats for EgyptCoast-guard boat2020

  Ten boats delivered to Egypt were intended for coastal protection, offshore-installation security, anti-smuggling and anti-piracy operations, and sea rescue.

• 2025Sale to RheinmetallM&A

  Peene-Werft had been part of the Lürssen Group since May 2013.

  What changed. Lürssen sold the shipyard to Rheinmetall.

  Aftermath. The Wolgast facility became part of Rheinmetall's defense-industrial portfolio.

  Source
• 2012Lürssen acquisition after insolvencyM&A

  The bankruptcy of P+S Werften created a sale process for the Wolgast facility.

  What changed. Lürssen acquired the shipyard and continued naval construction there.

  Aftermath. The yard returned to naval work, including sections for German Navy frigates and later patrol and coast-guard programs.

  Acquisition price. Approximately 17 million euros (December 2012)

  • Abu Dhabi MAR — Abu Dhabi MAR also expressed interest during the insolvency proceedings.
  Source
• 2012Consider diversification into offshore-wind componentsStrategy

  Management stated that the Peene waterway was too small for some larger ships and that conventional shipbuilding at Wolgast might decline.

  What changed. The proposed strategic direction emphasized construction of offshore-wind jackets and other substructures.

  Aftermath. The company subsequently entered bankruptcy, while the yard later returned to naval and patrol-vessel work under Lürssen.

  Source
• 2010Merge with Volkswerft StralsundM&A

  The two shipyards were combined as P+S Werften GmbH in an effort to consolidate shipbuilding operations.

  What changed. Peene-Werft became part of the newly created P+S Werften structure.

  Aftermath. P+S Werften later entered bankruptcy in 2012.

  Source

• 2025Peene-Werft sold to Rheinmetall

  After belonging to the Lürssen Group since 2013, the shipyard was sold to Rheinmetall.

  M&ALeadership change
  Source
• 2020Lürssen confirms delivery of ten coast-guard boats to Egypt

  Lürssen confirmed delivery of ten coast-guard boats to Egypt for coastal protection, offshore-installation security, anti-smuggling, anti-piracy, and rescue missions.

  Product launchOther
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• 2018Germany bans export of Saudi patrol boats

  An export ban affecting patrol boats ordered for Saudi Arabia disrupted production and led to short-time work for a large part of the workforce.

  RegulationOther
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• 2013New flame-cutting center opens at Peene-Werft

  A new flame-cutting center was placed into operation to support the construction of ships for German and foreign naval customers.

  Other
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• 2012P+S Werften files for bankruptcy

  The combined shipbuilding company filed for bankruptcy after financial and operational difficulties, putting the future of the Wolgast facility at risk.

  Bankruptcy
  Source
• 2012Lürssen acquires the Wolgast shipyard

  The Lürssen Group acquired the Wolgast shipyard during the insolvency proceedings and continued its use for naval construction.

  M&A
  Source
• 2010Peene-Werft combined with Volkswerft Stralsund to form P+S Werften

  Peene-Werft was merged with Volkswerft Stralsund GmbH into P+S Werften GmbH as part of a restructuring of the two shipyards.

  M&A
  Source

1. Peene-Werft