Canada's Davie Moves to Buy Helsinki Shipyard

Shipbuilding group Chantier Davie Canada announced it has exercised an exclusive option to purchase the assets of Finland’s Helsinki Shipyard Oy, which has struggled to gain new business due to Western sanctions against Russia.

The deal remains subject to financial, regulatory and legal considerations, as well as final decision making by Davie, the company said.

Davie president and CEO, James Davies, said, “If the acquisition is successful, it would combine two historic and highly complementary businesses creating the western world’s leading international center of excellence for Arctic shipbuilding.”

Davie builds and maintains icebreakers, warships and ferries for both government and commercial customers. Helsinki Shipyard currently builds small and mid-size cruise ships, though the yard has also built other vessels types, including warships and a large number of icebreakers under previous owners.

Helsinki Shipyard has undergone a number of ownership changes over its long history and is presently owned by Cyprus-based Algador Holdings, set up by Russian businessmen Rishat Bagautdinov and Vladimir Kasyanenko.

The yard has struggled to win new orders after its business with Russia became frozen due to Western sanctions over the war on Ukraine.