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Davie completes purchase of the assets of Helsinki Shipyard

Levis, Québec, Canada – November 3, 2023 – 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 shipyard will be separate legal and operating entities, the business headquarters will remain in Québec. The transaction will create opportunities for employees, encourage collaboration, facilitate the transfer of know-how, provide access to resources, and stimulate export potential. 

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 €77 million ($110 million) of financing from the Québec government consisting of an equity investment of €30 million ($43 million) and a loan of €47 million ($67 million). 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.   

Importantly, the Canadian government has looked favorably on the potential synergies resulting from the transaction for the construction of icebreakers under the National Shipbuilding Strategy. 

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. 

Read the original press release here.

Photo: Helsinki Shipyard