Finland Times

 

Arctech Helsinki Shipyard Oy. File Photo – Lehtikuva.

Arctech Helsinki Shipyard on Tuesday announced that it has become 100 per cent Russian owned as United Shipbuilding Corporation (USC) bought the remaining half of its company shares from STX Finland Oy.

 

Arctech Helsinki Shipyard Inc was founded in December 2010 following USC’s acquisition of 50% of the shipyard shares from STX Finland, a subsidiary of the Korean-owned STX Europe.

 

The joint venture was established to respond to the need of the growing market of Arctic shipbuilding and to unite the Finnish and Russian maritime clusters. 

 

“I am convinced that USC is committed to developing Arctech in long term. We have a good order book and skilled staff. This is a good basis for future actions. We also believe that the owner commitment will now be stronger compared to the joint venture arrangement,” Arctech Helsinki Shipyard Managing Director Esko Mustamäki said in a release.

 

USC was founded in 2007 to unite and operate the shipbuilding industry in Russia. The company owns majority of the industry in Russia including both navy and civil shipbuilding sectors.