Canada’s Davie Acquired Helsinki Shipyard from Russia’s Algador


Helsinki Shipyard. Photo: Bloomberg

Davie, which owns Davie Shipbuilding in Quebec, Canada, purchased the facility from Russian-owned Algador Holdings on 3 November.

The Helsinki Shipyard, established in 1865, specialises in Arctic shipbuilding, including icebreakers.

Davie did not disclose how much it paid for the yard, but it did say that it acquired it through a combination of its own funds and €77 million ($82.3 million) of financing from the Quebec government, according to a statement.

The deal will help Canada deliver on its C$8.5 billion ($6.2 billion) national shipbuilding strategy programme.

Davie is one of three shipbuilders helping to deliver on Canada’s National Shipbuilding Strategy, with their part being to deliver seven icebreakers.

However, Canada has a recent history of shipbuilding projects running into major delays and costing far more than originally planned.

Davie began the acquisition process for Helsinki Shipyard in December 2022. Three months later, the group exercised an exclusive option to purchase the yard’s assets and, in April, signed a business purchase agreement. It then secured a new 50-year land lease from the City of Helsinki on 4 July.

Source: Reuters