Maybe chose a single name whithout spaces for your SH5 install, mine is installed in C:\Games\SilentHunter5.
Note there are no spaces in the last folder name (to be totally sure with older games, chose no more than 8 letters and single word, and install in C:\ and not in a chineese place). It doesn't matter in all cases, but it can avoid trouble.
Then, check your registry entries to see if 'Ubisoft.......Silent Hunter 5' is pointing to your current install. TWoS or any installer that installs the files at the wrong place has to do with bad registry entries.
Methink that your system needs cleanup before you play SH5
That's where you should navigate: Chose Start > Execute and type regedit. Navigate to:
HKEY_LOCAL_MACHINE\SOFTWARE\Wow6432Node\Ubisoft\Si lent Hunter 5\GameUpdate
Here you should see the RIGHT path for your game install. If not, deinstall the game, delete all the 'Silent Hunter 5' folder in the path above, and DON'T MAKE ANY MISTAKE when doing it.
After that, re-install fresh chosing a simple path in C:\ and 'SH5' as the game folder. I bet it will work after that.
It isn't easy but: follow to the
letter all instructions in TWoS threat.