Finland’s Arctech Helsinki Shipyard, currently owned by Russia’s United Shipbuilding Corporation, is to get a new ownership and a new name, Kommersant reported.
The company had difficulties winning new orders for the shipyard, as it is under both U.S. and EU sanctions. According to the report, Cyprus-based Algador Holdings, owned by Russian businessmen Rishat Bagautdinov and Vladimir Kasyanenko, is the shipyard’s buyer.
In preparation for the closing, Arctech Helsinki Shipyard Oy (AHS) is establishing a new company, Helsinki Shipyard Oy. AHS will transfer its assets and operations to Helsinki Shipyard Oy, which will continue shipbuilding at the wherf. In the transaction, AHS will sell 100% of Helsinki Shipyard Oy’s shares to Algador Holdings.
Following the transaction AHS will continue its shipbuilding operations as a shareholder of Nevsky Shipyard. The last vessel that will be delivered from Helsinki shipyard under AHS’s ownership is the Arctic tanker NB515, which completed sea trials on May 12.
“The transaction will not have any effect on subcontracts. AHS’s personnel will be transferred to Helsinki Shipyard Oy without changes to their contracts. Under the new owners Helsinki shipyard can concentrate on its core expertise, which are strong ice-class vessels and cruise ships,” says Victor Olerskiy, the incoming Chairman of the Board of the Helsinki Shipyard Oy, who is a former Deputy Minister of Transport of the Russian Federation.
Establishing Helsinki Shipyard is described as “an important step in moving forward with tender backlog, which currently total at $1.68 billion. The tenders consist of several cruise ships, icebreakers and LNG tankers. Letters of intent have already been signed for some of the tenders.”
