Integration of Severnaya Verf and Baltiysky Zavod to result in annual capacity of 500,000 dwt
Design capacity of a joint company to be formed on the basis of shipbuilding plant Severnaya Verf (Severnaya Verf OJSC and Baltiysky Zavod OJSC) is to make 500,000-dwt per year, RBC reports with reference to United Industrial Corporation (OPK) owning both companies and intending to integrate them into a unified shipbuilding complex. Investments into the project total RUR 13.7 billion. The project is to be financed by OPK with attraction of credit. The work load of the new yard is supposed to make 12.2 million man-hours per year (with estimated number of personnel totaling some 8,000 persons).
A it was reported earlier, OPK’s plans on transfer of Baltiysky Zavod to the territory of shipbuilding plant Severnaya Verf evoked a complicated response from the staff of Baltiysky Zavod, deputies of the Legislative Assembly of St. Petersburg and experts of shipbuilding industry.
Baltiysky Zavod was founded in 1856. Today the shipyard specializes in construction of naval ships of different class and rank as well as vessels with nuclear-powered propulsion. Priority direction in the sector of commercial vessels is construction of large-capacity tankers for transportation of oil and gas from the regions of northern seas, chemical tankers, icebreakers, vessels for carrying general cargo and hi-tech supply vessels. United Industrial Corporation (OPK) controls 88.2% of the yard’s shares. In 2006, RAS net profit of Baltiysky Zavod totaled RUR 548.771 million.
Shipbuilding plant Severnaya Verf OJSC (former Putilovskaya Verf) was founded in 1912 in order to build vessels for Russia Empire. Today the yard specializes in construction of different battle ships and commercial vessels. In2005, the company’s IFRS net profit totaled $6.995 million.