Finland's Arctech Helsinki Shipyard (AHS) is lining up fresh orders under its new owners.
The company has been sold by Russia's state United Shipbuilding Corporation (USC) to Algodor Holdings, owned by two Russian businessmen, Rishat Bagautdinov and Vladimir Kasyanenko.
AHS said the pair have "strong backgrounds" in the maritime industry.
Their companies operate international shipping and shipbuilding businesses including Russia’s largest river cruiseship operator Vodohod and cargoship owner Pola Group.
The yard added that its "tender backlog" stands at EUR 1.5bn ($1.67bn), including several cruiseships, icebreakers and LNG carriers.
Letters of intent have already been signed for some of the tenders, it said.
The only current known order at the yard is a 45,000-dwt tanker for Dynacom due this month.
New company formed
USC was said to have been limited in its financing activities at the yard due to sanctions against Russia and had been trying to sell since 2017.
The deal will be finalised this month after an agreement was signed last week.
The yard has established a new company, Helsinki Shipyard, which will take over the assets of the previous company.
AHS will retain an interest in shipbuilding through a shareholding in Russia's Nevsky Shipyard.
“The transaction will not have any effect on subcontracts," says Victor Olersky, incoming chairman of Helsinki Shipyard.
"AHS’s personnel will be transferred to Helsinki Shipyard without changes to their contracts. Under the new owners Helsinki shipyard can concentrate on its core expertise, which are strong ice-class vessels and cruiseships.”
Olersky is a former Russian deputy transport minister.
USC bought out partner STX Finland's 50% holding in the yard in 2015, taking 100% control.
