Finnish yard agrees financing deal

Company News - July 2, 2012

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Arctech Helsinki Shipyard and Alfa-Bank have agreed a US$100 million financing package.

The loan arrangement is related to the construction of the yard's newbuilds NB 506 and NB 507, both multifunction supply vessels.

“Ensuring the loan was important for us. With the financial arrangement we are able to assure the undisturbed building of the vessels. Alfa-Bank also brings new possibilities for future projects,” said the Managing Director of Arctech Helsinki Shipyard, Esko Mustamäki.

At the moment Arctech is building three multipurpose icebreakers. Two of them are multifunctional supply vessels for Russian shipping company Sovcomflot and the latest order is for an innovative rescue vessel for Russian Ministry of Transport.

The supply vessels are delivered in spring 2013 and the rescue vessel in December 2013.

Alfa-Bank is Russia’s largest private bank in terms of total assets, total equity, customer accounts and loan portfolio.

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