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United Shipbuilding now has 100% of Arctech Helsinki Shipyard

Staff writer |
Arctech Helsinki Shipyard is in 100 % Russian ownership as United Shipbuilding Corporation bought the other half of the company shares from STX Finland Oy.

Arctech Helsinki Shipyard Inc. was founded in December 2010 as United Shipbuilding Corporation bought the first 50 % of the shipyard shares from STX Finland, a subsidiary of the Korean owned STX Europe.

The joint venture was established to respond to the need of growing market of Arctic shipbuilding and to unite the Finnish and Russian maritime clusters. The new ownership arrangement is expected to further strengthen the Finnish-Russian shipbuilding cooperation.

At the moment Arctech is building six icebreaking vessels. The first vessel, a Baltic icebreaker for the Russian Ministry of Transport, is due to be delivered in autumn 2015. The second vessel, the world's first LNG-powered icebreaker for the Finnish Transport Agency, will be delivered by the beginning of 2016.

In spring 2014 Arctech was awarded a contract to build an icebreaking supply vessel for the Russia's largest shipping company Sovcomflot. In early summer, Arctech received an additional order of three icebreaking stand-by vessels. Arctech's order book now extends until summer 2017.

United Shipbuilding Corporation (USC) was founded in 2007 to unite and operate the shipbuilding industry in Russia. The company owns majority of the industry in Russia including both navy and civil shipbuilding sectors.

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