A United Shipbuilding Corporation (USC) yard in Russia is targeting merchant vessels with an RUB 30bn-plus ($459m) investment.
The cash will be spent over 17 years to develop the Krasnaya Kuznitsa shipyard in Arkhangelsk, its chief engineer Alexei Minayev told the TASS news agency.
"That would be own and borrowed money," he added.
The idea is to turn the plant into a modern construction and repair base.
"With this upgrade, the plant will begin a new life, focusing on civil shipbuilding and on construction of maritime equipment," its deputy chief engineer Viktor Timoshkin said.
"We shall produce equipment for gas and oil fields - those are very big vast projects."
About RUB 13bn will go on new equipment, with RUB 17bn spent on construction and installation works.
Five new blocks of flats in Arkhangelsk’s Solombalsky district will cost another RUB 1.2bn.
Staff levels will rise to more than 3,600 people, from 300 now.
