Arctech Helsinki Shipyard Acquired by Russia

As of 30 December 2014, Finland’s Arctech Helsinki Shipyard is now 100 percent owned by Russia’s United Shipbuilding Corporation (USC) after the company acquired the other half of Arctech’s shares from STX Finland Oy.

The shipyard specializes in building icebreaking vessels and currently has six vessels on order, the first of which is scheduled for delivery in Q3 2015 to Russia’s Ministry of Transport. The second vessel, the world´s first LNG-powered icebreaker, is being built for the Finnish Transport Agency and will be delivered by the beginning of 2016.

In early 2014, Arctech was awarded a contract to build an icebreaking supply vessel for Sovcomflot and was subsequently awarded an additional order of three icebreaking stand-by vessels.

”I am convinced that USC is committed to developing Arctech in long-term. We have a good order book and skilled staff. This is a good basis for future actions. We also believe that the owner commitment will now be stronger compared to the joint venture arrangement”, says Esko Mustamäki, Managing Director of Arctech Helsinki Shipyard.

"We have closed the transaction on acquisition of the remaining 50% of Arctech Helsinki Shipyard Inc. Now this company is 100% owned by USC. Arctech Helsinki Shipyard has wide experience in building ice-class supply vessels and different civil ships. So we have obtained not only full access to technical documentation and the know-how but also to the people who can share this knowledge. The company has efficient assets, but the advantage of the asset is in its human potential”, commented Aleksey Rakhmanov, Managing Director of USC.

Arctech employs approximately 500 shipbuilders.