Acquisition of Helsinki shipyard completed


Media release. Published: 20-May-2019 02:40 pm
Helsinki Shipyard Oy

Algador Holdings Ltd has signed an acquisition agreement with Arctech Helsinki Shipyard Oy for 100 % of shares of Helsinki Shipyard Oy. The acquisition was previously announced on May 15, 2019, and it was signed and became effective on May 20.  

Earlier this month, 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”, comments Rishat Bagautdinov, co-owner of Algador Holdings. 

With the transaction completed, Carl Gustaf Rotkirch (MSc, Naval Architecture and Marine Engineering) has been appointed as CEO of Helsinki Shipyard Oy. CEO Rotkirch has an extensive experience in the marine industry and shipbuilding. 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 on board. 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”, comments Mr. Olerskiy. 

Esko Mustamäki, who has previously served as the CEO of Arctech Helsinki Shipyard and FG-Shipping 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”, comments Mr. 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.

Additional information:

Helsinki Shipyard Oy
Communications, Eija Oraviita-Kaiku
+358 10 622 20