Southern Center of Shipbuilding and Ship Repair acquired property of Krasniye Barrikady plant

Southern Center of Shipbuilding and Ship Repair JSC (a company of United Shipbuilding Corporation) has won the auction for the sale of property of Krasniye Barrikady plant. According to the press center of the Astrakhan Region Government, the plant will join the list of SCSSR companies.

The auction lot included capital structures and facilities, plots of land and moveable assets.

The lot was sold for RUB 955 million. The winner immediately payed 10% of the lot value. The rest amount will be transferred before July 20 of the current year.

Krasniye Barrikady plant was established 118 years ago. It specializes in construction of floating drilling rigs, platforms and different ships. In December 2018, the Arbitration Court of the Astrakhan Region recognized the shipbuilding plant as a bankrupt and initiated bankruptcy proceedings. In November 2018, USC head Aleksey Rakhmanov said the Corporation was still interested in the Astrakhan based shipyard in view of the need for more production facilities expected in the nearest future.

United Shipbuilding Corporation (USC OJSC) is the largest shipbuilding company in Russia. It was set up in 2007 with 100% federal ownership. The holding comprises 40 companies and organizations (major shipbuilding and shiprepairing companies as well as leading design bureaus). Currently, USC consolidates the bulk of the domestic shipbuilding complex. The Russian market is the main focus of the state corporation though it also exports its products to 20 countries worldwide.