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VTB provides guarantees to United Shipbuilding Corporation’s Finnish joint venture

29 January 2014

VTB provides guarantees to United Shipbuilding Corporation’s Finnish joint venture.

As part of its programme to develop strategic cooperation with United Shipbuilding Corporation (USC), VTB Bank has signed a general agreement with Arctech Helsinki Shipyard, in which USC is one of the largest shareholders.

VTB will provide bank guarantees to finance Arctech Helsinki Shipyard’s participation in a state tender for an ice-breaking vessel. On 22 January, Arctech Helsinki Shipyard was announced as the winner of the tender, held by the Finnish Transport Agency.

Bank guarantees for approximately EUR 123 million will be issued simultaneously with the signing of the contract for the icebreaker, which will be built jointly by Vyborg Shipyard and Arctech Helsinki Shipyard.

Member of VTB Bank’s Management Board Valery Lukyanenko said: “VTB Bank and USC have developed a consistent long-term partnership, while cooperation between Vyborg Shipyard and Arctech Helsinki Shipyard is a positive example of fruitful Russian-Finnish cooperation in the construction of ice-class vessels.”

United Shipbuilding Corporation is Russia’s largest shipbuilding company. The federally owned corporation, established by presidential executive order in 2007, includes about 60 shipyards, design bureaus and ship repair plants, which build 80% of the country’s ships and vessels. USC enterprises and organisations employ approximately 80,000 people.

Arctech Helsinki Shipyard is a Finnish company established in 2010. It is a parity venture between Russia’s United Shipbuilding Corporation and STX Finland. Arctech specialises in Arctic shipbuilding technology, and builds icebreakers as well as other Arctic offshore and special vessels.

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