Pella Shipyard OJSC (Leningrad region) will invest up to RUB 500 mln into Feodosia, Crimea based shipyard Morye, IAA PortNews learnt from a source familiar to the matter. 

The agreement between the Ministry of Industry and Trade and Pella Shipyard is to be signed on July 3, 2015 at the Seventh International Maritime Defence Show in Saint-Petersburg, the source said.

According to the source, upon signing the agreement, Kaffa-Port, subsidiary of Pella, and Crimean authorities will sign an agreement on the lease of shipyard Morye property for a 5-year period.

Investments, which are to pay back within 4-5 years, will be spent for modernization of the shipyard’s production facilities. Pella will also hand over part of its orders for construction of boats and passenger catamarans.

JSC Pella Shipyard based in Russia’s Leningrad region was founded in 1950. In 1992 Pella was privatized as Pella Holding Co. comprising the parent company and several subsidiaries. The shipbuilding firm specializes in building harbor tugs with rated power of 1,000-5,000hp, pusher tugs, escort tugs, pilot boats and rescue boats for Russian and foreign customers.

Shipyard Morye specializes in production of high-speed dynamically supported vessels (hydrofoils, hovercrafts, vessels with air-cavities), boats, pleasure yachts and boats with hull made of aluminum-magnesium alloy.