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HELSINKI SHIPYARD SALE COMPLETE

Thursday, July 4, 2019 

Algador Holdings has acquired a 100% shareholding on the Helsinki Shipyard. In June, in preparation for the acquisition, Arctech Helsinki Shipyard Oy transferred its shipbuilding operations in Helsinki to Helsinki Shipyard Oy.

”We are proud to become a part of Helsinki shipyard’s story. We see a strong demand for the shipyard’s expertise and look forward to continuing its long traditions under the name its best known for: Helsinki Shipyard Oy”, commented Rishat Bagautdinov, co-owner of Algador Holdings.

With the transaction completed, Carl Gustaf Rotkirch has been appointed as CEO of Helsinki Shipyard Oy. He has previously worked as Sales VP at Aker Yards and as Project Manager at Kvaerner Masa Yards.

“We are happy to have Mr. Rotkirch onboard. His deep knowledge of the Finnish shipbuilding industry is an important asset for the shipyard as we move forward with new orders. We are happy to say, that we will publish our first new order within a month, and expect work to start shortly”, said Olerskiy.

Esko Mustamäki, who has previously served as the CEO of Arctech Helsinki Shipyard and FGShipping will join Helsinki Shipyard Oy as a member of the board.

“The deal has been discussed for three years and during the negotiations the role of sanctions has been brought up many times. In the beginning of the acquisition preparations I personally met OFAC’s representatives to discuss sanctions and what role they play in shipyard’s operations. The only condition that OFAC had, was that 50 percentage or more must be owned by an entity that is not affected by sanctions. Now as 100 percentage is owned by Algador Holdings, I see that the sanction discussion is closed and we can go full steam ahead with the future orders”, said Mustamäki.

The transfer of the operations of the Helsinki shipyard to Helsinki Shipyard Oy is a significant step for the shipyard's future and for the Finnish shipbuilding industry. The tenders consist of several cruise ships, icebreakers, and LNG tankers. Letters of intent have already been signed for some of the tenders. Helsinki Shipyard Oy looks forward to announcing the first new project within a month.

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