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Canadian company plans to buy Russian-owned Helsinki shipyard

Mar 27, 2023

The Canadian shipbuilding company Davie plans to buy the Helsinki Shipyard, which is experiencing financial difficulties due to sanctions imposed on Russia.

This was reported by the Finnish newspaper Helsingin Sanomat.

Secret negotiations on the purchase have been ongoing since the beginning of the year and have already progressed quite far, the newspaper reports.

"If we can complete the deal, we will be able to create the world's leading Arctic icebreaking company," commented Davie's communications director Paul Barrett, who participated in the negotiations.

According to him, in the best-case scenario, a possible deal could be finalized within weeks. At this stage of negotiations, the company is not talking about the contractual purchase price.

The Helsinki shipyard has considerable global experience in building Arctic vessels. It has been looking for a new owner for almost a year.

The shipyard is now owned by Algador Holdings, a Cypriot investment company founded by Russian businessmen Rishat Bagautdinov and Vladimir Kasyanenko.

Due to European Union sanctions, the shipyard cannot sell ships to Russia, which is its most important export market. No sanctions have been imposed on the shipyard or its owners.

The shipyard in Helsinki specializes in icebreakers and special ships for Arctic conditions. In recent years, it has also been building relatively small cruise ships.

Author - Olena Madiak, 27/03/2023

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