BRODOGRADILISTE VIKTOR LENAC D.D.

BRODOGRADILISTE VIKTOR LENAC D.D.

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Company Overview
Brodogradiliste Viktor Lenac d.d. (Consolidated) is a shipyard engaged in ship building. It also offers a variety of high standard services within ship repair and conversion services to vessel of all kinds and purposes. The shipyard was established in January 1896 under the name “Lazarus”. At that time the yard was building and repairing Austro-Hungarian and Italian merchant and fishing vessels. The shipyard’s registered office is located in the south of the port of Rijeka in Croatia.
Viktor Lenac is one of the major ship repairs, conversion, offshore shipyards in the Mediterranean. It has completed landmark conversion projects for cable and pipe laying vessels, as well as the building of complex offshore structures. It has penetrated the newbuilding market by contracting of the construction of harbor tug named David 1st for Jadranski Pomorski Servis based on Damen design.
The shipyard’s metal structures site enable the fabrication of minor highly-sophisticated vessels, such as cable layers, ROV support vessel, and seismic vessels in production hall (180 meter length). The shipyard’s ship repair services encompass steel works, pipe and boiler works, insulation works, tank cleaning, grit blasting, ultra high pressure hydroblasting, tank coating and anticorrosion works.
The shipyard has well equipped steel, mechanical, electrical and other workshops with 8,200 m2 covered working area and 1,750 m2 platforms for external preassembly. It is also equipped with shore cranes, gantry crane, internal horizontal shifting equipment, plasma co-ordinate cutting machine, welding machines, tank-coating and hydro blasting equipment, closed blasting/painting workshop and equipment for receipt and treatment of slopes. The shipyard’s work berths have a total length of 1,450 meters. The berths enable afloat repairs of vessels up to 160000 dwt. The shipyard’s quality system is certified according to ISO 90002 and ISO 14001.
At the end of 1998, the shipyard signed a contract with Single Buoy Moorings Inc. to manufacture buoys and 18 anchors for the latter company’s FPSO vessels. In January 1999, the shipyard concluded another contract with the Norwegian company DSND Sondenfjeldske ASA to convert the ROV support vessel “Kommandor 3000” to pipe laying vessel. This conversion was successfully completed at the end of June 1999. Additionally, the shipyard and the Italian partner Rosetti Marino S.p.A. signed the contract for the construction of three platforms “Ivana B”, “Ivana D” and Ivana E. Ivana is an unmanned gas production platform which has facilities for production management control either in normal or emergency conditions and is being monitored by means of a telemetring system from Ivana A platform.
Business Summary
Basic activities of the Company are construction, repair, maintenance, modification and other service related to ships and vessels. The company is also registered for other activities: construction of steel structures, organization of ship construction, trade, engineering and other service.
Description and history
Viktor Lenac d.d. is the largest shiprepair shipyard on the Adriatic coast and one of the leading in the Mediterranean area. Its core businesses repairs of floating objects, conversion of floating objects and construction of smaller floating objects, construction and reconstruction of the off-shore objects. Around 95% of the operating turnover comes
from the international business. Viktor Lenac d.d. origins date to 1889 when its predecessor company Lazarus was founded by Josip Lazarus, an engineer. That was to be the first shipyard in the city of Rijeka. In 1947 Lazarus was renamed into Viktor Lenac d.d.. Following transformation and privatisation in 1993 the company became a privatized joint stock company. Core businesses of Viktor Lenac d.d. are: Repairs of floating objects;
Conversion of floating objects and construction of smaller floating objects; Construction and reconstruction of the off-shore objects. Other activities: Metal constructions;
Ship woodcrafts, wood packaging materials and other wood products; General mechanical works; Maintenance and repair of engines and turbines, pumps and compressors, taps and valves, bearings, conveyers and conveying and driving units, elevating and transporting devices, electromotors, generators and transformers, equipment for distribution and control of electric power, electric equipment for motors and vehicles; Investment works abroad;
Shiprepairs, servicing and upgrading in foreign trade maritime traffic; Management of the holding companies. Major activities of ‘Viktor Lenac’ are being carried out at the site in Martinscica bay which holds most of the capacities. The rest is performed in the port of Rijeka.

The company was delisted on Dec 2003.

In April 2008, the bankruptcy of the company was terminated. Viktor Lenac has obtained the status of the joint-stock company. On 12 September 2008, Viktor Lenac’s shares were included in quotation of public joint-stock companies on the Zagreb Stock Exchange, preceded by issuance of the Short Prospectus approved by the Croatian Agency for Supervision of Financial Services.
Up to the point of drawing up this Annual Report of 2008, Viktor Lenac’s shares have not been traded on the stock market.

Established under the name “Lazarus

Business Line
Engaged in ship building
Subsidiary
VIKTOR – SERVISI, D. O. O.
Advisor
IRIS NOVA D.O.O. RIJEKA
IPO date
7/14/1997
US SIC Code
3731
Company Address
MARTINSCICA B.B.
PO BOX 210
City province or state postal code
51000 RIJEKA
Phone: +385 51 21 62 55
Fax: +385 51 21 70 33
Country address: CROATIA
Website url: www.lenac.hr