Arctic ships to be built in Finland

25.11.2010 JSC United Shipbuilding Corporation (USC) bought 50% shares of STX Europe shipyard in Helsinki for EUR 150 mln. The deal will be financed by future incomes of the yard. The corporation also purchased 20.4% of design bureau Aker Arctic Technology Inc. which is subordinated to STX Europe. USC will receive its share under the joint venture which will be established in the nearest time.

Presumably, STX shipyard in Helsinki will accumulate technological know-hows of Arctic shipbuilding. STX Finland Oy and Aker Arctic Technology Inc. are among the world's leaders in construction and designing of icebreaking fleet. Reportedly, their interest in cooperation with USC is caused by plans of the Russia's biggest shipping company Sovkomflot to purchase new icebreaking vessels for shelf explorations. Development program of Sovkomflot provides building up ice-class fleet to maintain works at offshore deposits. To do that, the company is about to appropriate 36 per cent of total investments for fleet renovations, i.e. about $2 bln. The ships must satisfy requirements of largest oil-and-gas companies, such as Exxon Mobile, Shell, and Gazprom.

It was previously reported that the Arctic Transport Fleet Development Program implies delivery of about 60 vessels till 2020; eighteen of them are tankers. At least 9 new icebreakers (including 3 nuclear-powered ones) are needed only for operations at the Northern Sea Route. USC treats building of icebreakers as high-priority trend. As of today, USC's backlog of orders is evaluated as RUR 135 bln.

STX Europe AS is European division of international shipbuilding corporation STX Business Group (South Korea). STX Europe controls six shipyards located in Finland, France, Norway, and is specialized in construction of cruise liners, ferries, and special-purpose vessels. STX Europe is the major stockholder of Aker Arctic Technology Inc.