Russia to get Arctech for a song?

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1811arcf
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Russia's United Shipbuilding Corporation (USC) is in talks with STX Finland to gain full ownership of Arctech Helsinki Shipyard after the two-year-old company posted two years of operating in the red.

Arctech started life in December 2010 when STX Finland scouted around for a strategic partner – as it had done in France when the state there became a one-third owner in STX France.

By that time, STX Helsink had been largely unemployed for over two years when its last newbuilding, the Brittanny Ferries RoPax ferry 'Armorique', left to take up cross-channel duties.

USC appeared a heaven-sent white knight, with its access to the huge Russian market in desperate need for polar shipping – especially for its energy and mineral resource sectors. This was backed up by a Russian government report published at the time that spoke of the need for up to 450 ice-strengthened vessels by 2030, which it noted could not be met by domestic yards only.

Arctech, with its portfolio of polar shipbuilding, innovations and connection with sister research company Aker Arctic Technology (AAT) appeared an obvious partner. AAT, an STX Finland subsidiary, would carry out polar shipping design and R&D – aided by its large laboratory and model basin testing facility and diverse portfolio of ship designs.

Initially the deal appeared to be a good move. Within a week, two orders worth US$200 million were signed with Russia's Sovcomflot (SCF). The resulting two multi-purpose ice breaking supply vessels – 'Vitus Bering' and 'Alexey Chirikov' – were delivered late last year and in April 2013, respectively. For Arctech, full employment ranks reached about 400.

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