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United Shipbuilding Corporation

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JSC "United Shipbuilding Corporation"
United Shipbuilding Corporation - ОСК
Native name
Russian: АО Объединённая Судостроительная Корпорация
Company typeState owned enterprise
IndustryShipbuilding, Defense industry
FoundedMarch 21, 2007; 18 years ago (2007-03-21)
Headquarters
Saint Petersburg
,
Russia
Area served
Worldwide
Key people
ProductsMerchant ships, naval ships, submarines, missiles
Revenue$5.58 billion[1] (2017)
$247 million[1] (2017)
$101 million[1] (2017)
Total assets$15.1 billion[1] (2017)
Total equity$1.92 billion[1] (2017)
OwnerFederal Agency for State Property Management (100%)[2]
Number of employees
>80,000 (2016)
ParentGovernment of Russia
Websitewww.aoosk.ru

JSC United Shipbuilding Corporation (USC; Russian: Объединённая судостроительная корпорация, ОСК) is an open joint stock company in Russia which unites shipbuilding, repair and maintenance subsidiaries in western and northern Russia, and in the country's Far East, to streamline civilian shipbuilding using military facilities.

As of 2021, the corporation constructed up to 80% of ships in Russia.[3]

History

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United Shipbuilding Corporation was established in 2007 by a series of Presidential Decrees signed by President Vladimir Putin.[4] According to the decree, the corporation has 3 subsidiaries: the Western Shipbuilding Center in St. Petersburg (Admiralty Shipyard), the Northern Shipbuilding and Maintenance Center in Severodvinsk and the Far Eastern Shipbuilding and Maintenance Center in Vladivostok. The state owns 100% of the shares.[3]

In June 2012 Andrei Dyachkov was appointed to its president.[5]

On May 21, 2013, Russian President Putin said that Vladimir Shmakov would be appointed as a new president of the corporation the following week.[6][7]

On 29 July 2014, the company was sanctioned by the United States.[8][9][10][non-primary source needed]

In 2016, the company's revenue amounted to 49 billion rubles.[11]

In 2017, the corporation closed its Northern and Western subsidiary branches.[12]

USC was the owner of Arctech Helsinki Shipyard, having bought the remaining 50% of the shares from its joint venture partner STX Finland Cruise Oy.[13] In May 2019, USC sold the Finnish venture to a Russian businessman, who changed the name to Helsinki Shipyard.[14]

On 25 August 2023 Andrey Kostin was elected Chairman of the board of directors of USC.[15] He had been nominated by prime minister Mikhail Mishustin, along with 12 other board members including Andrey Puchkov. Both men control VTB Bank, a state-owned operation.[16]

Sanctions

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As a result of the Russian invasion of Ukraine, the company was sanctioned by New Zealand,[17] as well as by the United Kingdom.[18][non-primary source needed]

Structure

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As of 2017, USC integrated the following companies:[19]

References

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  1. ^ a b c d e "Консолидированная финансовая отчетность АО «ОСК» по международным стандартам за 2017 год" (PDF). United Shipbuilding Corporation. Retrieved 24 October 2018.
  2. ^ "Список аффилированных лиц". e-disclosure.ru. Retrieved 29 August 2017.
  3. ^ a b Екатерина Згировская (May 25, 2021). ""Для судостроителей локализация – это война"" (in Russian). Vedomosti. Retrieved May 23, 2022.
  4. ^ "Западный центр судостроения, созданный в Петербурге по указу президента, ликвидируют" (in Russian). Kommersant. October 18, 2017. Retrieved May 23, 2022.
  5. ^ "Dyachkov is appointed United Shipbuilding Co president", Itar Tass, June 29, 2012
  6. ^ "Президент встал на верфи" (in Russian). Kommersant. May 21, 2013. Retrieved May 23, 2022.
  7. ^ "Биография Владимира Шмакова" (in Russian). RIA.ru. May 21, 2013. Retrieved May 23, 2022.
  8. ^ "7/29/2014,OFFICE OF FOREIGN ASSETS CONTROL,Sectoral Sanctions Identifications and SDN List Updates". Retrieved 2014-07-30.
  9. ^ "Announcement of Additional Treasury Sanctions on Russian Financial Institutions and on a Defense Technology Entity". Retrieved 2014-07-30.
  10. ^ "Federal Register, Vol. 79 No. 53, March 19, 2014" (PDF). Retrieved 2014-07-30.
  11. ^ "АО "ОСК"". www.rusprofile.ru (in Russian). Retrieved 2023-11-30.
  12. ^ Герман Костринский (October 19, 2017). "ОСК избавляется от прокладок" (in Russian). Kommersant. Retrieved May 23, 2022.
  13. ^ "Arctech Helsinki Shipyard to Russian Ownership". Archived from the original on 2016-04-30. Retrieved 2016-04-19.
  14. ^ "Helsingin telakan myynnistä sopu, venäläisliikemiehet puikkoihin – välttyykö telakka jatkossa sanktioilta?". Kauppalehti. Alma Media. 15 May 2019. Retrieved 15 May 2019.
  15. ^ "Andrey Kostin elected as USC BoD Chairman". 28 August 2023.
  16. ^ "RF Government nominates Andrey Kostin as candidate for USC Board of Directors". 22 August 2023.
  17. ^ "Russia Sanctions Regulations 2022". Retrieved 11 February 2023.
  18. ^ "Financial Sanctions Notice - Russia" (PDF). gov.uk. Retrieved 25 February 2022.
  19. ^ "USC Companies". OAO USK. Retrieved 23 April 2017.
  20. ^ "Предприятия ОСК: Филиал "Севастопольский морской завод" АО "ЦС «Звездочка"". Oaoosk.ru. Retrieved 15 July 2017.
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