USC acquires majority stake in Vyborg Shipyard

27 February 2012 (Last Updated February 27th, 2012 18:30)

Russia's United Shipbuilding (USC) has acquired 79.33% of the Vyborg shipbuilding plant in country's north-west for RUB1.8bn ($61.8m).

Russia’s United Shipbuilding (USC) has acquired 79.33% of the Vyborg shipbuilding plant in the country’s north-west for RUB1.8bn ($61.8m).

The agreement will allow USC to build ice-breaking vessels at the newly-acquired plant which utilises about 100ha of land on the coast of the Gulf of Finland.

USC and Vyborg Shipyard (VSZ) have also signed a RUB8bn ($274.6m) deal to build two diesel-powered sea ice-breakers with 16 MW capacity.

Two diesel-powered icebreakers built under the project 21900M are scheduled to be delivered in May and October 2015.

The double-decked icebreaker will feature improved performance, taking into account the operating experience of two icebreakers of 21900 project during winter navigation in the Gulf of Finland.

With a length of 116m and beam of 26.5m, the vessel will be equipped with a helipad and will be able to cut channels through ice of up to 1.5m thick.

According to USC, the newbuilds deal will allow VSZ to overcome financial problems, which had troubled the company since 2011, to ensure steady flow of employment for coming years.

USC currently has three regional shipbuilding centres, nine engineering and design offices and 39 dockyards.

The company primarily focuses on the Russian market and also exports its products to 20 countries, its largest shipbuilding assets include Kaliningrad-based JSC Yantar Shipyard, JSC Admiralty Shipyards (St. Petersburg), JSC PA Sevmash (Severodvinsk), JSC DVZ Zvezda (Vladivostok).

In addition, the UCS holds a 50% stake in Arctech Helsinki Shipyard, a joint venture with STX Finland Cruise.

For the 2011 period the company had posted revenue of more than RUB160bn ($5.48bn), net Income of RUB1bn ($34.28m) and portfolio of orders of RUB1tn ($34.28bn).

Vyborg Shipyard builds drilling rigs for offshore deposits development and vessels of small and medium tonnage.