Davie Shipbuilding, a company of Monaco-based Inocea Group, has announced the acquisition of the assets from the Finnish shipyard Helsinki Shipyard Oy (HSO).
“This historic transaction brings together the skills, experience and capabilities of two leaders in shipbuilding for the Arctic and other high value-added products. While the Canadian and Finnish shipyards will remain legal and operational entities distinct, the company’s head office will remain in Lévis, Quebec,” Inocea said.
The transaction will offer development opportunities for all employees, encourage collaboration, facilitate transfer of knowledge, will provide access to more resources and stimulate potential exports, Inocea added.
Although the details of the purchase agreement are confidential, the transaction was made possible thanks to a combination of Davie’s own funds and government funding of Quebec to the tune of €77 million ($110 million), including an investment of €30 million ($43 million) in equity and a loan of €47 million ($67 million).
A significant portion of the funds will be used to provide the site with a capital fund to allow it to get back on its feet and obtain new contracts.
In addition, the Canadian government particularly welcomes the potential resulting synergies of the transaction for the construction of icebreakers planned as part of the Strategy for national shipbuilding.
The two shipbuilders, renowned for their leadership and their expertise in clean energy solutions, will contribute to the creation of a greener and more sustainable ocean.
James Davies, President, co-owner and CEO of Davie said: “We are delighted to have brought together two historic and very complementary companies, which would not have been possible without the support of Quebec, the city of Helsinki, Finland and the Canada.”
FILE PHOTO: Ships of Canada’s icebreaking fleet Inocea