Group Davie today announced it has finalized the acquisition of the assets of Finland’s Helsinki Shipyard Oy (HSO). 

The historic transaction combines the skills, experience and capabilities of two leaders in Arctic shipbuilding and other high-value products. While the Canadian and Finnish shipyards will be separate legal and operating entities, the business headquarters will remain in Québec. 

Kim Salmi, Managing Director, Helsinki shipyard said, “This is the best possible news for Helsinki shipyard, our talented workforce and our supply chain. After months of planning, our top priority is to rapidly return this business to what it does best – designing and building world-class ships quickly, efficiently and cost effectively.” 

Delivering high quality cruise vessels

Helsinki Shipyard Oy recently delivered three High ice class PC5 cruise vessels, sister ships SH Minerva, SH Vega and SH Diana. The ships were delivered in 2021, 2022 and 2023 respectively. The shipyard can leverage their strong know-how in building ice-breaking vessels when constructing small expedition cruise vessels.

Helsinki Shipyard Oy recently delivered SH Vega in 2022

While the details of the business purchase agreement are confidential, the transaction was made possible by a combination of Davie’s own funds and by financing from the Québec government consisting of an equity investment and a loan. A significant proportion of the funds will go to ensuring the shipyard has working capital while it gets up and running and secures new business.   

James Davies, Davie President and CEO said, “We are delighted to bring two historic and highly complementary businesses together. It would not have been possible without the support of Québec, the City of Helsinki, Finland and Canada. We are confident our talented people and world-class supply chain will quickly form the preeminent global centre of excellence for green Arctic shipbuilding, and other specialized products.

Together, Davie and HSO will deliver critical expertise for government and commercial customers. Both shipbuilders, renowned for their leadership and expert knowledge in clean energy solutions, will contribute to the creation of a greener and more sustainable ocean-going fleet. 

The completion of the transaction is the culmination of a series of milestones, beginning in December 2022. In March 2023, Davie exercised an exclusive option to purchase the assets of HSO. This was followed in April by the signing of a business purchase agreement, and on July 4 Davie secured a new 50-year land lease from the City of Helsinki. 

About Davie 

Group Davie is a privately owned international marine industrial group. It owns Davie Shipbuilding, Canada’s largest and most flexible shipbuilder and a partner in the country’s National Shipbuilding Strategy and Finland’s Helsinki Shipyard, the world’s leading icebreaker and ice-class shipbuilder. Together, the companies design, build and maintain mission-critical ships including icebreakers, warships and ferries for government and commercial customers.  Find out more at davie.ca 

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