Canadian shipbuilding group Davie is acquiring another smaller Finnish shipyard, Mantyluoto, with the aim of consolidating its operations and focusing on Arctic projects such as large icebreakers. Once the acquisition is completed, the shipyard will be integrated with the Helsinki Shipyard acquired in 2023.
Specifically, Davie plans to acquire the Mantyluoto shipyard from Finnish energy company Enersense for €7.5 million (approximately US$8.81 million), with the acquisition expected to be completed by the end of September 2025.
Enersense acquired the Mantyluoto shipyard in 2021, highlighting its expertise in steel structure construction in the Arctic region. The shipyard was involved in the construction of the world’s first floating offshore wind turbine and currently has about 100 workers. However, the shipyard has now suspended operations.
Following the completion of the acquisition, the Mantyluoto shipyard will be integrated with the Helsinki shipyard, at which point the Helsinki shipyard will become Finland’s only professional shipbuilder with capabilities ranging from design to final assembly. According to the plan, the Mantyluoto shipyard will be responsible for building hull blocks for the Helsinki shipyard and Davie.
It is understood that Davie announced in November 2023 that it had completed the asset acquisition of the Helsinki Shipyard. The shipyard is a world leader in the design and construction of icebreakers and has built more than 50% of the world’s icebreakers.
More than a year later, Davie has once again acquired a Finnish shipyard with the ultimate goal of tapping into the potential icebreaker opportunities emerging in Canada, the United States and other regions, in which the shipyard has deep expertise.
In March this year, Davie has obtained a contract for a 139-meter polar class 2 icebreaker from the Canadian Coast Guard (CCG) at a cost of 3.25 billion Canadian dollars. The vessel, named “Polar Max”, is expected to start construction in 2025 and be delivered in 2030. The vessel is about 139 meters long and has a gross tonnage of 22,800. It will be used as an icebreaker and research vessel, and has the ability to perform oil spill emergency response and emergency towing tasks. Davie is responsible for the construction, and the Helsinki shipyard will provide support for the project.
In addition to the Netherlands, Davie is accelerating its expansion into the US market. In June this year, Davie announced that it would acquire the shipbuilding assets of Gulf Copper & Manufacturing Corp, a ship repair and manufacturing company headquartered in Texas, and has already reached an agreement. This move will enable Davie to gain shipbuilding capabilities in the US and prepare for future bids for US icebreaker projects.
Following the enactment of the One Big Beautiful Bill Act, the US Coast Guard icebreaker construction program has received over $8.6 billion in funding: $4.3 billion for the construction of up to three new heavy icebreakers; $3.5 billion for the construction of medium icebreakers; and $816 million for the procurement of additional light and medium icebreakers.