Friday, July 12, 2024
Friday, July 12, 2024
Home » Canada’s Davie Eyes Arctic Shipbuilding Expansion With Helsinki Shipyard

Canada’s Davie Eyes Arctic Shipbuilding Expansion With Helsinki Shipyard

by Travis Fox
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Québec-based Chantier Davie Canada Inc. (Davie) has announced exercising its exclusive option to purchase the assets of Finland’s Helsinki Shipyard Oy (HSO), marking a step towards creating a leading international hub for Arctic shipbuilding.

“If the acquisition is successful, it would combine two historic and highly complementary businesses creating the western world’s leading international centre of excellence for Arctic shipbuilding,” said Davie President and CEO, James Davies.

The acquisition is subject to a rigorous due diligence process, encompassing financial, regulatory, and legal assessments before Davie’s final decision.

Established in 1825, Davie is a leading Canadian shipbuilder and maintainer of specialized, mission-critical vessels, including icebreakers, warships, and ferries, catering to both the government and commercial sectors. As Canada’s largest and highest-capacity shipbuilder, Davie is an integral partner in the country’s National Shipbuilding Strategy (NSS). 

The ongoing acquisition process remains confidential, with Davie committing to provide updates only upon reaching significant milestones, such as the signing of a purchase agreement.

Helsinki Shipyard Oy, based in Finland, has a long-standing history of expertise in constructing specialized vessels particularly suited for navigating demanding Arctic conditions, including icebreakers, research vessels, and passenger ships. 

Canada’s National Shipbuilding Strategy (NSS) is a long-term initiative launched by the Canadian government in 2011 to renew and modernize the country’s naval and coast guard fleets, as well as to revitalize the domestic shipbuilding industry. The strategy is structured around combat (including icebreakers, offshore science vessels, and support ships) and non-combat vessels (such as frigates and Arctic offshore patrol ships).

Davie is currently negotiating an umbrella agreement with the Canadian government to become the third strategic shipbuilding partner in NSS (in addition to Irving Shipbuilding Inc. and Seaspan’s Vancouver Shipyards). Davie will focus on non-combat vessels and has been earmarked to construct six icebreakers and one polar icebreaker for the Canadian Coast Guard, as well as two ferries for Transport Canada and a multi-year maintenance and vessel life extension for Canada’s City-class patrol frigates.

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