#stayhome Maintain the distance, wash your hands, and follow instructions from the health authorities.

POST Online Media Lite Edition


USC closes deal to sell Finland’s Arctech shipyard

Christian Fernsby |
Russia’s United Shipbuilding Corporation (USC) has closed a deal to sell Finland-based Arctech Helsinki Shipyard, CEO of USC Alexei Rakhmanov told reporters.

“We have closed the deal, received the first payment. It all took place last week. We are starting, what I call, a new life. We received a total of 100% of shares by intermediary holding of Nevsky Shipyard in Shlisselburg and the monetary part of 35 million euros. This is the amount that allows for a gradual closure of old debts,” Rakhmanov said.

USC, which is under the U.S. sanctions, controlled 100% in Arctech Helsinki Shipyard, a producer of equipment for the Arctic, a builder of ice-breakers and other specialized vessels, as well as supply ships.

The company said earlier in May that it would establish Helsinki Shipyard Oy and would sell it to Algador Holdings Ltd. owned by businessmen who control company Vodohod.

What to read next

Cosco Corporation Singapore net loss $483.8 million
Russian owners seek to partially sell Helsinki Shipyard to western investors
50 charged after largest elite colleges scam ever uncovered in US