PEMEX has forced the exit of the Barreras shipyard board of directors, due to delays and cost overruns in the construction of Ritz-Carlton Evrima Ship

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According to the local newspapers Faro de Vigo and La Voz de Galicia, mentioning sources close to the Barreras shipyard, its president Jose García Costas, would leave the shipyard, together with the General Manager, Alfonso López Loureiro, and the CFO, Juan Manuel González. These cessations, ordered by the maximum shareholder of the shipyard, PEMEX ( 51%), would respond to the pressures by The Ritz-Carlton, due to the delays and extra costs of the project that underlie as a cause of their discomfort.

PEMEX has forced the exit of the Barreras shipyard board of directors, due to delays and cost overruns in the construction of Ritz-Carlton Evrima Ship

In recent weeks, these same newspapers have published information that Barreras would be negotiating a significant delay of 6 months in the delivery of the ship, as well as significant overruns estimated at more than 50 million euros.

The construction of the Evrima, the first ship of The Ritz-Carlton Yacht Collection, went smoothly until Barreras began with the construction of two other ships for the norwegian shipping company Havila Kystruten, which first encountered financing problems, and then with problems in the design made by Havyard Design, which forced the ships to lengthen because of the enormous weight of the batteries since they will be hybrid ships. Although Havila says that he has solved his financing problems, the extra cost of the new design of the ships is negotiated, and until that problem is solved, the money will not flow.

This situation generated treasury tensions in the shipyard that were transferred to the subcontractors, which could have had consequences in the delivery times.

In any case, the spanish shipyard lives a bitter moment, with the largest order book in its history, 900 million euros, but a financial and interest tangle that makes it difficult to get out of the situation.

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