Arctech Helsinki Shipyard
1 April 2011
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Arctech Helsinki Shipyard
Arctech Helsinki Shipyard is a shipbuilding company in Helsinki, Finland. The company has a focus on icebreakers and other icegoing vessels for arctic conditions. The joint venture agreement between STX Finland Cruise Oy and United Shipbuilding Corporation (USC) was signed in December 2010 and the latter purchased half of the Hietalahti shipyard. The company started its operations on 1 April 2011. On 28 October 2013, it was reported that USC is going to buy the second half from STX Europe and become the sole owner of Arctech Helsinki Shipyard. The sale was finalized on 30 December 2014 and as of 2015 United Shipbuilding Corporation is the sole owner of the shipyard. As of December 2015, Arctech Helsinki Shipyard has delivered four vessels (yard numbers 506 to 509). The company has three vessels (510 to 512) under construction in Helsinki and two more (513 and 514) in the orderbook which spans until 2017. In late July 2014, EU and USA imposed economic sanctions as a response to the Russian involvement in the unrest in Ukraine. It is not known if and how the sanctions will affect Arctech Helsinki Shipyard, which is only partially owned by the Russian state-owned United Shipbuilding Corporation. Furthermore, icebreakers used to support the offshore industry are not targeted by the sanctions. On 13 August 2014, the Nordic-based bank Nordea announced that it would terminate Arctech's accounts due to the financial sanctions imposed by the United States, forcing the shipyard to switch to another bank.