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Arctech Helsinki Shipyard goes to full Russian ownership

Arctech Helsinki Shipyard goes to full Russian ownership
Russia’s state-owned United Shipbuilding Corp. now owns all of Arctech Helsinki Shipyard after acquiring the 50% stake that was held by STX Finland.

Arctech Helsinki Shipyard was founded in December 2010 as United Shipbuilding Corp. bought 50% of the shares from STX Finland, a subsidiary of the Korean-owned STX Europe. The facility specializes in Arctic maritime technology and shipbuilding.

The Helsinki yard had a long history of building cruise ships but in the years leading up to 2010 was designated for ferries and other types of production, with the large cruise orders going to Finland's Turku yard.

Arctech managing director Esko Mustamäki said United Shipbuilding Corp. is committed to developing Arctech in the long term.

'We have a good orderbook and skilled staff. This is a good basis for future actions. We also believe that the owner commitment will now be stronger compared to the joint venture arrangement,' Mustamäki added.

For his part, United Shipbuilding Corp. managing director Aleksei Rakhmanov noted Arctech has wide experience in building ice-class supply vessels and other ships. 'So we have obtained not only full access to technical documentation and the know-how but also to the people who can share this knowledge. The company has efficient assets, but the advantage of the asset is in its human potential,' he said.

Arctech currently employs about 500 people, and the yard's orderbook extends until summer 2017.

Six icebreaking vessels are under construction. The first, a Baltic icebreaker for the Russian Ministry of Transport, is due to be delivered in autumn 2015. The second, the world’s first LNG-powered icebreaker for the Finnish Transport Agency, will be delivered by the beginning of 2016. In spring 2014 Arctech won the contract to build an icebreaking supply vessel for Russia's largest shipping company, Sovcomflot. In early summer, Arctech received an additional order for three icebreaking stand-by vessels.

United Shipbuilding Corp. was founded in 2007 to unite and operate Russia's shipbuilding industry in Russia. The company owns most of Russia's shipbuilding industry, including navy and civil sectors.