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Aker sells 3 yards to Russian firm

Aker sells 3 yards to Russian firm
Norwegian shipbuilder Aker Yards has sold a 70% share of its merchant vessels division to Russian state-run investment company FLC West for Eur292m.

AKER SELLS THREE YARDS TO RUSSIAN FIRM

Norwegian shipbuilder Aker Yards has sold a 70% share of its merchant vessels division to Russian state-run investment company FLC West for Eur292m.

The deal will give FLC complete control of the company"s yards in Nikolaev (Ukraine), Wismar and Warnemunde (Germany). Aker"s remaining 30% stake will see it retain its yard in Floro, Norway.

The deal is part of moves by the Russian government to invest in important national market areas. Oil and products tankers are expected to be in increasing demand from Russian companies. FLC West has a US$1.5bn investment portfolio which includes other shipping and building enterprises.

Aker Yards Ukraine Holding AS, the arm of the company that will take over the two German yards and be sold to FLC West, will continue to be based in Norway, though it will later be renamed. Tom Einertsen, currently president of Aker Yards" merchant vessels sector, will become CEO of the company. There are no planned changes in management, organisation, number of employees, pensions or benefits at the involved yards as a result of the sale.

www.TurkishMaritime.Com.tr

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