Kyiv. July 2, 2002. INTERFAX-UKRAINE – Sevmorsudoremont LLC, part of the Sevastopol Shipyard holding, will complete the repair of the Arcadia-1 oil tanker owned by Arcadiki Shipping Co Ltd. (Greece) before the end of July.

According to the company officials, the repair of the tanker (30,000 DWT) is carried out under the contract made in June 2002.

The sum of the contract is not disclosed. However, the company representatives note that the Greek order is the largest by scope of work over the last six years. The ship requires replacement of over 120,000 tons of steel, blasting, cleaning, and painting of the hull, and modernization of the piping system. 

According to experts, the competitive strength of the Ukrainian workers is proved by the fact that Greek ship owners are gradually reorienting to ship repair in the Black Sea region.

Arcadiki Shipping Co Ltd owns 17% of tonnage of the world merchant fleet. 

The Sevastopol Shipyard used to specialize in military ship repair; since 1996 it has been repairing ships of foreign ship owners. The capacities of the company allow it to perform all types of ship repair works, including repairs of main engines, mechanical parts, and electronic systems of ships.

In December 1995, the shipyard was transformed into an open joint-stock company. The statutory fund of the Sevastopol Shipyard amounts to UAH 772,479 million; the UGF International Investment Fund owns a 50.2% stake in the company (assets of the fund are managed by SigmaBleyzer); 26% belong to the state; 23.8% are owned by other shareholders. 

In 2001, sales of the Sevastopol Shipyard were UAH 104 million, 22.8% more than in 2000.