Meyer Werft, the struggling shipyard in Papenburg, is undergoing a significant restructuring to ensure its survival.

The company plans to merge with Rostock's Neptun Werft and other group companies under the new parent company, Meyer Neptun GmbH, by August 31. This move aims to simplify the corporate structure and strengthen its capital base, although it will involve the reduction of approximately 340 jobs.

Meanwhile, the German government is considering financial support for the shipyard, recognizing its importance to the economy and security.

The company faces a daunting task of raising over 2.7 billion euros for new ship constructions by the end of 2027, amidst rising energy costs and a challenging market environment.