All parties involved in the sale of the shipyard in the Helsinki, Finland, have agreed on the terms of the transaction, reports Tanker Shipping.
The new company established
In preparation for the closing, Arctech Helsinki Shipyard Oy (AHS) has established a new company, Helsinki Shipyard Oy.
AHS will transfer its assets and operations to Helsinki Shipyard Oy, which will continue shipbuilding at the Helsinki shipyard.
The last vessel that will be delivered from Helsinki shipyard under AHS’s ownership is tanker NB515, which completed sea trials on 12 May.
What is in the transaction?
In the transaction, AHS will sell 100% of Helsinki Shipyard Oy’s shares to Algador Holdings Ltd and following the transaction AHS will continue its shipbuilding operations as a shareholder of Nevsky Shipyard LLC.
“The transaction will not have any effect on subcontracts. AHS’s personnel will be transferred to Helsinki Shipyard Oy without changes to their contracts. Under the new owners Helsinki shipyard can concentrate on its core expertise, which are strong ice-class vessels and cruise ships,” said Helsinki Shipyard Oy’s incoming chairman of the board Victor Olerskiy.
Helsinki Shipyard reports that it has a tender backlog of €1.5Bn (US$1.7Bn) consisting of several cruise ships, icebreakers and LNG tankers, and has a reference list that includes ice-breaking oil recovery vessels.
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Source: Tankershipping
