OREANDA-NEWS. February 03, 2014. As part of its programme to develop strategic cooperation with United Shipbuilding Corporation (USC), VTB Bank has signed a general agreement with Arctech Helsinki Shipyard, in which USC is one of the largest shareholders.

VTB will provide bank guarantees to finance Arctech Helsinki Shipyard’s participation in a state tender for an ice-breaking vessel. Arctech Helsinki Shipyard was announced as the winner of the tender, held by the Finnish Transport Agency.

Bank guarantees for approximately EUR 123 million will be issued simultaneously with the signing of the contract for the icebreaker, which will be built jointly by Vyborg Shipyard and Arctech Helsinki Shipyard.

Member of VTB Bank’s Management Board Valery Lukyanenko said: “VTB Bank and USC have developed a consistent long-term partnership, while cooperation between Vyborg Shipyard and Arctech Helsinki Shipyard is a positive example of fruitful Russian-Finnish cooperation in the construction of ice-class vessels.”