The Greek finance ministry on Friday launched an international tender for the privatization of Skaramangas Shipyards, the biggest shipyard in the country.

In the announcement, the ministry said that “the New Democracy government, steadily focused on its reform work, restructures and reactivates significant enterprises facing chronic problems to achieve high and sustainable growth and the creation of new job positions”.

According to Greek media reports, the sale is expected to attract interest from American, Dutch and German investors. The facility has struggled for decades to find a secure footing after being nationalised in 1985 and was the subject of EU fines over illegal state subsidies.

A deal in 2000 with German contractor ThyssenKrupp to build submarines turned sour, forcing a majority transfer to an Abu Dhabi holding company in 2010. It was placed under special administration in 2018.