Arctech yard to compensate SCF over delays
USC-owned shipbuilder says big penalty due over support ships for Sakhalin-2.
February 5th, 2018 14:10 GMT
by Gary Dixon
Published in OFFSHORE
Russian state owner Sovcomflot (SCF) is imposing a financial penalty on Finland’s Arctech Helsinki Shipyard over vessel delays.
The Kommersant daily reported that the yard, owned by Russia’s United Shipbuilding Corporation (USC), will pay about $50m to SCF, according to a source.
USC selling 50%-plus stake in Finnish yard
Arctech handed over the 4,200-dwt supply ship Gennadiy Nevelskoy in 2017, as well as the emergency response and rescue vessels (ERRVs) Stepan Makarov (12,500 bhp) and Fyodor Ushakov (14,500 bhp), plus the 3,700-dwt ERRV Yevgeny Primakov (built 2018), which was handed over at the weekend.
They are all fixed to Sakhalin Energy.
The companies did not disclose the amount of the fines. SCF declined to comment.
But USC president Alexei Rakhmanov said that the penalties were reduced by 30% for three vessels and by 70% for Yevgeny Primakov, compared to the initial fines.
The delay was “about seven months and was related exclusively to the imposition of sanctions on USC,” he said.
Russian ownership of the yard has proved difficult in terms of securing financing due to western sanctions.
Arctech Helsinki Shipyard builds on long ice competence
It took a year for USC to secure a loan from Sberbank to complete the orders.
“The contract only had a 20% advance, so we had to look for 80% ourselves,” Rakhmanov was reported as saying.
Yard for sale
USC is looking for new partners for the yard.
The state holding company is planning to sell a stake of more than 50%, reportedly because of the sanctions.
USC bought out partner STX Finland’s 50% holding in the yard in 2015, taking 100% control.
Arctech is an icebreaker specialist which also has a products tanker for Dynacom on its books.