Ice-breaker tanker shipyard sale reaches conclusion

All parties involved in the sale of the shipyard in the Helsinki, Finland, have agreed on the terms of the transaction.

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

In the transaction, AHS will sell 100% of Helsinki Shipyard Oy’s shares to Algador Holdings Ltd and following the transaction AHS will continue 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 12 May.

“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 Helsinki Shipyard Oy’s incoming chairman of the board Victor Olerskiy.

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

Their companies operate international shipping and shipbuilding businesses including Russia’s largest river cruise ship operator Vodohod LLC.

Helsinki Shipyard reports that it has a tender backlog of €1.5Bn (US$1.7Bn) consisting of several cruise ships, icebreakers and LNG tankers, and has a reference list that includes ice-breaking oil recovery vessels.

• Ice-breaking tanker bow section launched in Croatia
• Finnish LNG icebreaker tests oil recovery capabilities
• Peace Boat drives forward its plans for Ecoship fleet