ST.PETERSBURG, December 22 (AVN) - The Baltijsky Zavod JSO is drafting documents to attract USD110m credits from the Russian Savings Bank, a spokesman for the company administration told the Military News Agency on Friday.
The plant needs the credits to execute an order of the Shili Navigation company for construction of eight ships that will service Norwegian drilling platforms. An urgent conference of shareholders will make a final decision on credits attraction on January 25, 2001.
The Russian company has long-term partnership with the Savings Bank which, in particular, finances the construction of three Project 11356 ships for the Indian Navy. Two ships named Talwar (sword) and Trishul (trident) were set afloat on May 12, 2000, and November 24, 2000. respectively. The construction of the third ship to be named Toofan (backsword) started on May 26, 2000. The value of the contract is estimated at USD1bn.
The Norwegian project will cost USD160m, the spokesman said. Shili Navigation is expected to pay 20 percent of the total sum after the contract is signed. The rest will be paid by the Savings Bank. The customer will receive the first ship by mid-2002.