1897 - A shiprepair yard is set up on the Varna lake, eastern Bulgaria, by the Defence Ministry of Bulgaria to provide repair services for the naval fleet.
1998 - VRZ Terem EOOD in Varna merges into the state-owned weapons and ammunition manufacturer Terem EAD. The Varna based ship repair factory becomes a branch of the company and changes its name to Terem – Branch Varna EAD.
July 20, 2004 - Terem-Branch Varna EAD spins off from the defence company Terem, Sofia, and registers as a limited liability company, owned by Terem EAD. It also changes its name to Terem - KRZ Flotski Arsenal - Varna Ltd.
Sept 28, 2004 - Bulgaria's Privatisation Agency initiates the sale of 75% of Terem - KRZ Flotski Arsenal - Varna Ltd. In February 2005 the Privatisation Agency cancels the privatisaton procedure.
Nov 28, 2005 - Bulgaria's Privatisation Agency announced a new privatisation procedure of Terem - KRZ Flotski Arsenal - Varna Ltd in an effort to sell the government owned stake in all subsidiaries of Terem EAD.
May 15, 2007 - Swedish company Oceanic Creations sets up a joint venture with Terem EAD to invest in Terem - KRZ Flotski Arsenal - Varna Ltd to produce incombustible materials for the construction of floating platforms. The formal name of the joint venture is Oceanic Production – Terem Varna AD, where each partner holds a 50-percent stake and the Bulgarian company participates with a contribution in kind.
Last updated on Oct 1, 2021.