The Finnish Government has announced a $680m package to boost the country’s shipbuilding industry.

STX Europe’s Finnish yard in Turku will receive a fund share for upgrading its technology.

The government said the aid was designed to create a workforce of about 50% for the Turku yard to remain operational, following the cull of staff members, until demand returns to pre-downturn figures.

Some of the funding will go towards export funding assistance, the government said.

Government assistance will also be rendered to smaller shipyards that build small vessels such as pilot cutters and survey ships.