Finland: Arctech Helsinki Shipyard, Alfa-Bank Agree on USD 100 Mln Loan

Arctech Helsinki Shipyard Inc. and Alfa-Bank have agreed on a USD 100 million construction time financing package 9 June 2012. The loan arrangement is related to the building projects of multifunctional supply vessels NB 506 and NB 507.

“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”, comments 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.

The vessels are to be build for Sakhalin-1 Arkutun-Dagi gas field, where they will be used as supply vessels for Exxon Neftegas Limited’s platform. The main purpose for these vessels is to supply the gas production platform and to protect it from the ice. The icebreaking capability of the vessels is extremely high, they are able to operate independently in 1.7 meter thick ice. The production for hull block fabrication took place in Vyborg Shipyard 6 July 2011.

The project combines the Arctic expertise of Russia and the West, providing vessels capable of operating year-round either on rough seas or in the middle of ice fields. They will be able to operate even if surrounded by 1,7 metre thick ice. Both ships will also be equipped with dynamic positioning systems allowing them to approach the platform in any weather conditions. The list of the two ships’ other capabilities includes escorting ships in ice conditions in the area around the platform, conducting oil spill containment operations, towing oil platforms and other large objects in the open sea. In order to facilitate maneuvering in ice conditions, the designers of the ships’ hull made it possible for both vessels to break ice not only with their bows, but also with their sterns, thus allowing for reverse movement. The power propulsion system, comprising four main engines, will provide an aggregate power of 18 MW.

Alfa-Bank is Russia’s largest private bank in terms of total assets, total equity, customer accounts and loan portfolio. According to its audited IFRS financial statements for the full year 2011, the Alfa Banking Group, which comprises OJSC Alfa-Bank as well as its subsidiary banks and financial companies, had total assets of $31.4 bln, gross loans of $23.2 bln, and total equity of $3.4 bln. Net profit after tax for 2011 amounted to $641 mln.

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Source: Arctech, June 14, 2012