Russian Owners Taking Over Finland’s Arctech Helsinki Shipyard by End of May

Arctech Helsinki ShipyardImage Courtesy: Arctech Helsinki Shipyard

The acquisition of Finland’s Arctech Helsinki Shipyard will be finalized by the end of the month after the terms of the transaction were agreed on May 9.

Arctech Helsinki Shipyard Oy (AHS) will transfer its assets and operations to Helsinki Shipyard Oy, a new company it has established ahead of the transaction.

The agreement will further see AHS sell 100 percent of Helsinki Shipyard Oy’s shares to Algador Holdings Ltd.

Following the transaction, AHS will continue its shipbuilding operations as part of Nevsky Shipyard LLC. The last vessel that will be delivered from the Helsinki shipyard under AHS’ ownership is tanker NB515, which completed sea trials on May 12.

“The transaction will not have any effect on subcontracts. AHS’ 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 Victor Olerskiy, the incoming Chairman of the Board of the Helsinki Shipyard Oy.

Algador Holdings is owned by Rishat Bagautdinov and Vladimir Kasyanenko, whose companies operate international shipping and shipbuilding businesses including Russia’s largest river cruise ship operator Vodohod LLC.

AHS’ tender backlog currently stands at EUR 1.5 billion (USD 1.7 billion) and consists of several cruise ships, icebreakers and LNG tankers. Letters of intent for some of the tenders have already been signed.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >