Russia : Severnaya Verf, Sberbank Sign USD 212.37 Million Non-Revolving Credit Agreement

Severnaya Verf and Sberbank of Russia have signed a non-revolving credit agreement for approx. USD 212.37 million. Under the agreement, the debt on the credit line is to be repaid by the borrower on December 30, 2015.

The loan accounts for 10.86% of the shipyard’s assets value as of September 30, 2011.

Earlier this year, Severnaya Verf filed a USD 160.28 million lawsuit against Sberbank, VTB and Alfa-Bank. The shipbuilder wants the compensation for lost profits as the banks did not extend loans violating their commitments on financing state defense contracts.

Severnaya Verf is the only company in Russia that is experienced in building ships and vessels using the three-dimensional mathematical model that has been developed in a special shipbuilding system. The yard has established good contacts with enterprises in Russia and in the CIS countries, with regard to the delivery of materials, equipment for building, repair and modernization of ships and vessels. The orders for delivery of components and equipment are placed almost onto 2 thousand enterprises of Russia. The convenient location of the yard, immediately by the outlet of the Sea Channel into the Gulf of Finland, determines potential opportunities for further modernization and expansion of the yard.

[mappress]

Shipbuilding Tribune Staff, December 26, 2011; Image: nordsy