KERMAS Group, a Croatian investment company, plans to acquire Arctech Helsinki Shipyard (AHS) from Russia's United Shipbuilding Corporation (USC).
KERMAS and USC have confirmed the news. KERMAS said it will acquire 55% of the shares from USC to become a major shareholder of Arctech Helsinki Shipyard. The goal of KERMAS is to invest 55% of Arctech Helsinki Shipyard through the directional issuance of shares, and the exact amount of the investment is still under negotiation.
Arctech Helsinki Shipyard is a wholly owned subsidiary of USC, specializing in shipbuilding technology in the Arctic, the construction of icebreakers and marine vessels. Following the acquisition of Arctech Helsinki by KERMAS, Arctech Helsinki will work with Croatia's Brodotrogir Shipyard Trogir (HBT), part of KERMAS, to gain greater market share in the global shipbuilding industry.
KERMAS said that Arctech Helsinki Shipyard and HBT Shipyard began construction and joint design cooperation in February 2017 and the two shipyards are currently working together to build an "innovative" condensate oilbreaker.
Not long ago, KERMAS also said it intends to join the ownership structure of shipyard Uljanik in Croatia. The Uljanik Shipyard is in financial distress now, following the European Commission's approval of a loan from the Croatian government, the Uljanik Shipyard began a reorganization process. Uljanik needs to find a new strategic partner within the next six months, with the exception of KERMAS, the Italian Palumbo Group is also interested in Uljanik.
KERMAS 'portfolio of investments covers renewable energy, real estate, yacht dock development, agriculture and shipbuilding. In 2013, KERMAS acquired Brodotrogir, a state-owned shipyard in Croatia, officially entering the shipbuilding market.