{"id":1087,"date":"2018-02-06T10:22:59","date_gmt":"2018-02-06T08:22:59","guid":{"rendered":"http:\/\/llsra.lt\/en\/?p=1087"},"modified":"2018-02-06T10:30:20","modified_gmt":"2018-02-06T08:30:20","slug":"news-finlands-arctech-helsinki-shipyard","status":"publish","type":"post","link":"https:\/\/llsra.lt\/en\/news\/news-finlands-arctech-helsinki-shipyard\/","title":{"rendered":"News about Finland’s Arctech Helsinki Shipyard"},"content":{"rendered":"

Arctech yard to compensate SCF over delays<\/strong><\/p>\n

USC-owned shipbuilder says big penalty due over support ships for Sakhalin-2.<\/strong><\/p>\n

February 5th, 2018 14:10 GMT<\/p>\n

by\u00a0Gary Dixon<\/a><\/p>\n

Published in\u00a0OFFSHORE<\/a><\/p>\n

Russian state owner Sovcomflot (SCF) is imposing a financial penalty on Finland’s Arctech Helsinki Shipyard over vessel delays.<\/p>\n

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.<\/p>\n

USC selling 50%-plus stake in Finnish yard<\/p>\n

Read more<\/a><\/p>\n

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.<\/p>\n

They are all fixed to Sakhalin Energy.<\/p>\n

Fines reduced<\/strong><\/p>\n

The companies did not disclose the amount of the fines. SCF declined to comment.<\/p>\n

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.<\/p>\n

The delay was “about seven months and was related exclusively to the imposition of sanctions on USC,” he said.<\/p>\n

Russian ownership of the yard has proved difficult in terms of securing financing due to western sanctions.<\/p>\n

Arctech Helsinki Shipyard builds on long ice competence<\/p>\n

Read more<\/a><\/p>\n

It took a year for USC to secure a loan from Sberbank to complete the orders.<\/p>\n

“The contract only had a 20% advance, so we had to look for 80% ourselves,” Rakhmanov was reported as saying.<\/p>\n

Yard for sale<\/strong><\/p>\n

USC is looking for new partners for the yard.<\/p>\n

The state holding company is planning to sell a stake of more than 50%, reportedly because of the sanctions.<\/p>\n

USC bought out partner STX Finland’s 50% holding in the yard in 2015, taking 100% control.<\/p>\n

Arctech is an icebreaker specialist which also has a products tanker for Dynacom on its books.<\/p>\n