The Shipyard in Óbuda (Old Buda) was one of the oldest factories in Budapest. It was established upon the initiatives of Earl István Széchenyi in 1835 when Óbuda Island was acquired by the First Danube Steamship Company. The very first ship built here – named Árpád, a side-wheeled, wooden-hulled steamship – was launched in 1836. On 10 August, 1844, the inauguration of the steamship bearing the name of Széchenyi was also a cultural and historical interest. Ferenc Kölcsey’s Anthem with music by Ferenc Erkel was performed here for the first time in front of the public, performed by the choir of the National Theater.

After that hundreds of passenger ships, cargo ships, barges, floating cranes, tugboats and pushers, icebreakers and other floating vessels were produced at the Óbuda Shipyard, often surpassing the average technical standards of the era, proving the perseverance, professional preparation, and professional culture of the workers spanning generations.

By the 1980s, the shipyard was already struggling with many economic difficulties, which could not be helped by the change of ownership at the time of the change of political system. The liquidation of GD Óbudai Hajóépítő Rt. (GD Óbuda Shipbuilder Joint-Stock Company), which has its seat on Hajógyári-sziget (Shipyard Island) and is considered the legal successor, was completed on 29 November, 1999, and the company was deleted from the company register on 30 May, 2000. The place of one of the strongholds of the more than 150-year-old Hungarian shipbuilding was occupied by entertainment and service facilities, as well as offices.