
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.
However since then the yard's orderbook is down to only two vessels, both for the Russian Federation's Ministry of Transport and for an ice breaking emergency and rescue vessel and a 16MW icebreaker. Both these deals are in co-operation with USC's Yantar and Vyborg shipyards in Russia, which will do much of the metalwork and supply most of the blocks.
With STX Korea and the entire STX group in trouble, it appears that Russia's shipbuilders have seen an opportunity. Alfa Bank, which had earlier tided over Arctech with loans to build the previous vessels, suddenly turned off the tap. Work continued as tranches trickled through, but then came the announcement from Russia in the business daily Kommersant that USC had opened negotiations with STX Finland to become sole owner for a price in the low tens of millions of Euro.
Thus it is predicted that USC will obtain a specialist shipyard and site near Helsinki's city centre for a song – a yard that claims to have built 60 per cent of the world's icebreakers.
John Pagni