Arctech Helsinki shipyard buy-out

The Russian giant already owns 50% of the shipyard, but will buy out the other 50% currently owned by Korea’s STX, according to the Finnish newspaper, Yle.

The joint venture was originally established back in December 2010 between STX Finland and United Shipbuilding Corporation.

Apparently, USC is acquiring Arctech at an undisclosed sum in order to acquire more business from Russian businesses and agencies.

Arctech had not come back to The Motorship to comment on the issue at the time of publication.

The yard focuses on arctic maritime technology and building highly specialised vessels such as icebreakers and other icebreaking special vessels, and combines the Russian and Finnish Maritime clusters.