Skaramanga shipyard, the largest in the eastern Mediterranean according to the finance ministry, has historic ties to Greece's navy, having built or repaired many of its war vessels since the late 1930s.

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.