Russia sanctions blocked Helsinki Shipyard from exporting a sophisticated icebreaker to Norilsk Nickel, [Image: Aker Arctic Technology]
Canada’s Davie Shipbuilding (Chantier Davie Canada Inc.) is in superior negotiations to purchase Finland’s Helsinki Shipyard. In a press launch yesterday, the Lévis, Quebec, headquartered shipbuilder introduced it had train of its unique choice to buy the property of the Helsinki yard. What this implies is that Davie is the one social gathering with whom the shipyard is negotiating a possible deal.
“The option to purchase does not mean an acquisition is completed,” stated Davie. “It is topic to the profitable execution of thorough due diligence, together with monetary, regulatory and authorized issues, in addition to closing determination making by Davie.
Davie President and CEO James Davies stated: “If the acquisition is successful, it would combine two historic and highly complementary businesses creating the western world’s leading international centers of excellence for Arctic shipbuilding.”
The ongoing course of is in any other case confidential, and Davie will make additional remark solely upon reaching a serious milestone such because the signing of a purchase order settlement.
However, in its reporting, Finnish public broadcaster YLE quotes Davie’s chief communications officer Paul Barrett as saying that the negotiations are at a sophisticated stage and that the deal might be sealed inside weeks.
Helsinki Shipyard is owned by Algador Holdings. That firm is owned by Russians Rishat Bagautdinov and Vladimir Kasyanenko, whose corporations embody Russia’s largest river cruise ship operator, Vodohod LLC. Algador purchased the yard from Russia’s sanctioned United Shipbuilding Corporation (USC) again in 2019. USC had purchased it in 2010.
Neither Bagautdinov nor Kasyanenko are presently sanctioned themselves. Still, the yard, which is among the world’s prime builders of Arctic tonnage, has been arduous hit by common sanctions imposed following Russia’s invasion of Ukraine, which have frozen its enterprise with Russia, lengthy one in every of its fundamental markets. Back in October final 12 months, the Finnish Ministry for Foreign Affairs denied the shipyard an export license for an icebreaker on order for Russian mining agency Norilsk Nickel.
