Davie, Canada’s largest shipbuilder, is in final negotiations to buy the Russian-owned Helsinki Shipyard, a facility hit by western sanctions.
“If the acquisition is successful, it would combine two historic and highly complementary businesses creating the western world’s leading international centre of excellence for Arctic shipbuilding,” Davie CEO James Davies said in a release.
Helsinki Shipyard, whose history dates back to 1865, is currently owned by Algador Holdings, a Cyprus-based investment company set up by Russian entrepreneurs Vladimir Kasyanenko and Rishat Bagautdinov. The yard’s facilities include a 280 m long covered graving dock and three outfitting quays.
