Aker Yards Seek Russian Orders

Aker Yards and its Russian partner FLC West want to enter the project of a superyard which will be built in the port of Primorsk. The cost of the building totals $1 bn. According to Kommersant quoting general director of FCL West Andrey Burlakov, currently the companies are negotiating with bank Russain (controls the Vyborg Shipyard) and Summa Capital, which together Gasprom neft, controls the Primorsk port.
The investors are interested to have a block shareholding or a 50% share minus 1 share.
It should be pointed out that at the end of March Aker Yards ASA announced of selling 70% of its three yards. The buyer is FLC West.
FLC West is purchasing from Aker Yards 70% in Aker Yards Ukraine Holding AS. 30% of holding will be owned by Aker Yards. Headquarters of Aker Yards Ukraine Holding AS will stay in Norway. But the holding will have a new name.
The sum of the deal totals 291.9 mn euro. It is expected that the deal will be closed in summer 2008.
Aker Yards expect that the new model of property will help the company to enter Russian shipbuilding order market. It seems that the plans of the Norwegian company are more serious – to win not only Russian orders, but also to produce ships in Russia.

Source: Seanews