United Shipbuilding Corp eyes IPO in 2013
JSC United Shipbuilding Corporation (USC) plans to hold IPO in 2013, USC head said.
In an interview with journalists USC’ President Roman Trotsenko said that Corp. will put up for auction a 25% stake of the state-owned USC valued today at about RUB 100 billion.
United Shipbuilding Corporation is a 100-percent state-owned group of companies established by the Presidential Decree № 394 (March 21, 2007). The Corporation consists of nine engineering and design offices and 39 dockyards. The USC’s largest shipbuilding assets include Kaliningrad-based JSC Yantar Shipyard, JSC Admiralty Shipyards (St. Petersburg), JSC PA Sevmash (Severodvinsk), JSC DVZ Zvezda (Vladivostok). USC holds a 50% stake in Arctech Helsinki Shipyard, a joint venture with STX Finland Cruise Oy.
The Corporation participates in several major international projects: construction of a new mega shipyard Zvezda-DSME through a JV with Daewoo Shipbuilding & Marine Engeneering (South Korea), the construction jointly with Yantai Ruffles (Singapore) of Vostok-Ruffles Shipyard. In 2010, USC posted total revenue of RUB135 billion. Currently, USC consolidates about 70% of the domestic shipbuilding industry. The Group focuses on the Russian market, but also exports its products to 20 countries.