The setbacks have rattled the firm’s NATO customers just as Europe has begun pouring billions of dollars into defence to confront an increasingly belligerent Russia.
On a chilly day this February, Dutch Crown Princess Amalia smashed a champagne bottle against the hull of the combat support ship Den Helder as dignitaries — including executives from the shipbuilder, Damen Shipyards — cheered the christening.
Since then, the outlook for Damen has become less celebratory: Prosecutors have charged the company with corruption and sanctions violations, a major customer froze payments, and an acute cash shortage led the Dutch government to step in with an emergency support package in July.
