The Greek Finance Ministry has launched a tender for the sale of the country’s biggest shipyard, Hellenic Shipyards.

The shipyard has been under special administration.

Greece’s government aimed to overhaul the country’s defence industry, which was in losses, and wanted to enhance the defence capabilities of the country.

The government has also planned to overhaul the military division of Hellenic Shipyards.

Reuters quoted the government as saying that the US International Development Finance Corporation and a Greek company expressed a joint interest to acquire the shipyard in Skaramangas.

Greece is currently involved in a dispute with Turkey over oil and gas exploration in contested waters.

Tensions increased after Turkish seismic vessel Oruc Reis sailed through a disputed area of the Mediterranean.

In August this year, Turkey extended the work of its survey vessel in the Mediterranean, which further escalated already high tensions.

Media reports stated that the survey vessel later departed from the disputed waters.

Turkey announced plans to deploy Oruc Reis to the eastern Mediterranean for the next ten days to conduct a seismic survey. This is also expected to increase tensions.

In May, Israel Ministry of Defense (MOD) and Hellenic Ministry of National Defense (MND) signed the first agreement for the lease of the Israeli Heron unmanned aerial vehicle (UAV) system developed by Israel Aerospace Industries (IAI).

In July last year, the US Government cleared the possible sale of up to seven MH-60R Seahawk multi-mission helicopters and associated equipment and spares to Greece.