USC raises its share in Arctech Helsinki Shipyard to 100%

United Shipbuilding Corporation OJSC has acquired the remaining 50% of Arctech Helsinki Shipyard, USC President Aleksei Rakhmanov told Russia 24 channel. 

“We have closed the transaction on acquisition of the remaining 50% of Arctech Helsinki Shipyard Inc. Now this company is 100% owned by USC. Arctech Helsinki Shipyard has wide experience in building ice-class supply vessels and different civil 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 with other USC enterprises. We have also got quite efficient assets. We understand there is a lot to be done … But the advantage of the asset is in its intellectual and human potential”, Aleksei Rakhmanov said.

Helsinki based Arctech Helsinki Shipyard Inc. has recently been a 50/50 owned JV of STX Finland Oy and the United Shipbuilding Corporation. It specializes primarily in building icebreakers and other Arctic offshore and special vessels. 

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 60 companies and organizations (major shipbuilding and shiprepairing companies as well as leading design bureaus). Currently, USC consolidates about 80% 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.