STX Finland and USC in arctic shipbuilding jv

10 Dec 2010
STX Finland yard in Helsinki

STX Finland yard in Helsinki

STX Finland and Russia’s United Shipbuilding Corporation (USC) have formed a joint venture company which will specialise in arctic shipbuilding technology.

An agreement for the formation of the new company, Arctech Helsinki Shipyard, was signed recently in St Petersburg in a meeting with the Russian Prime Minister Vladimir Putin and the Finnish Prime Minister Mari Kiviniemi.

According to the agreement, both founding companies will hold equal shares of Arctech Helsinki Shipyard. The new company will purchase the Helsinki shipyard from STX Finland. The joint venture will focus on arctic maritime technology and shipbuilding and will unify the Russian and Finnish Maritime clusters. It will start building specialised vessels such as icebreakers and other ice-classed special ships.

The joint venture has an option to buy 20.4% of the shares of Aker Arctic Technology (AARC) from STX Finland. STX Finland will still remain the majority share holder of AARC, which is involved in arctic maritime technology research and development.

United Shipbuilding Corporation is the state owned Russian shipbuilding corporation, which was formed in 2007. The company has 42 shipyards in Russia with a focus on developing the Russian civilian and military shipbuilding industry. STX Finland belongs to the STX Europe group, comprising 15 yards in Finland, France, Norway, Romania, Brazil and Vietnam and about 16,000 employees.

 

Links to related companies and recent articles ...