Norebo buying shipyard in response to vessel-production issues

Murmansk, Russia-based Norebo is closing a deal to acquire shipbuilding holding company Pella amid problems Russian shipyards are having with building new fishing vessels.

Saint Petersburg, Russia-based Pella is a group of shipbuilding companies with two main production sites in the Leningrad Oblast region. The company is owned by Herbert Tsaturov, who holds 72 percent of Pella’s shares. The company builds a variety of ships, including fishing boats, icebreakers, and military vessels. In recent years, the shipyard has struggled financially due to difficulties it has had with state contracts.

Under the investment-quota program being implemented in Russia, 105 new fishing vessels, including 45 crabbers, are to be built at Russian shipyards. But shipyards are lagging behind the program's time limits, an issue that is being reviewed by Russia's parliament. Norebo is an active investor in the investment-quota program and a proponent of a proposed second round of the program ... 

Photo courtesy of Pella