USC set to purchase shipbuilding assets of CRN Group
The ongoing transactions of Caspian Energy Projects (CNRG Projects) to buy out shipbuilding assets are part of United Shipbuilding Corporation program aimed at the acquisition of 41% of shares of Caspian Energy, the Group said.
Yesterday, CNRG Projects announced the acquisition of a 80.16-percent stake in Shipbuilding Ship Repair Yard named after III International and 15.73% of common stock in Lotos Shipayrd.
Caspian Energy Projects is a CNRG Group’s business unit engaged in procurement and different projects management, providing logistics services, installation, commissioning and start-up testing.
United Shipbuilding Corporation established in 2007 has become the largest state-owned shipbuilding company in Russia. The holding comprises more than 50 companies and organizations of the industry (major shipbuilding and repair yards, leading design offices). United Shipbuilding Corporation owns a 50% stake in Arctech Helsinki Shipyard, a joint venture with STX Finland Cruise Oy. The Corporation has already consolidated about 70% of the domestic shipbuilding industry.