United Shipbuilding Corporation reports official registration

December 3, 2007 16:36

The United Shipbuilding Corporation (OSK as abridged from Russian) has been finally registered, according to Minister of Industry and Energy Denis Manturov as quoted by RBC.

The corporation will be building all types of vessels including boats for the fishing fleets.

More specifically, on 15-16 November 2007 the tax officers have given OSK a registration certificate. The corporation is headed by Yuri Yarov who was nominated for the post on 17 October 2007.

OSK is established by the Government of the Russian Federation in pursuance of President's order dated 21 March 2007. The whole pack of 100% of OSK's shares belongs to the federal property. The corporation is planned to unite all the largest shipbuilding companies of Russia. Its nominal capital as per the moment of registration is declared at RUB1,098,110,000.

As a contribution into the nominal capital the Russian Federation has invested RUB25 million in cash and 60% of the shares of Saint-Petersburg-based naval architects OAO Nevskoye Projektno-Konstruktorskoye Byuro (plc) which will become the basis for the United Shipbuilding Corporation.

As daughter companies of the newborn corporation three subholdings are being established now. They are West Shipbuilding Centre (Saint Petersburg), North Shipbuilding and Repair Centre (Severodvisk) and Far East Shipbuilding and Repair Centre (Vladivostok). OSK's summarized stock of orders has already amounted to ca.12 billion USD.

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