Acquisition of Helsinki shipyard finalises this month

15 May 2019, 21:26

  DF Report

Arctech Helsinki Shipyard. Press Release Photo.

The acquisition of Helsinki shipyard will be finalised in May as both the parties agreed on the terms of the transaction on May 9, said a press release.

In preparation for the closing, Arctech Helsinki Shipyard Oy (AHS) established a new company, Helsinki Ship-yard Oy, and AHS will transfer its assets and operations to it, which will continue with shipbuilding at the Helsinki shipyard.

In the transaction, AHS will sell 100% of Helsinki Shipyard Oy’s shares to Algador Holdings Ltd.

Following the transaction, AHS will continue with its shipbuilding operations as a shareholder of Nevsky Shipyard LLC.

The last vessel that will be delivered from Helsinki shipyard under AHS’s ownership is 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,” said Viktor Olerskiy, the incoming chairman of the Board of the Helsinki Shipyard Oy.

Algador Holdings is owned by Rishat Baugatdinov and Vladimir Kasyanenko, who have strong backgrounds in the maritime industry.

Establishing Helsinki Shipyard is an important step in moving forward with tender backlog, which currently totals at 1.5 billion EUR.

The tenders consist of several cruise ships, icebreakers and LNG tankers. Letters of intent have already been signed for some of the tenders, the press release added.