Baltic Workboats and Työvene Oy establish a joint shipbuilding company Nordic Yards Group

According to Margus Vanaselja, the owner of Baltic Workboats, the acquisition of 50% of the largest Finnish work vessel shipbuilding company Työvene Oy is a significant step in the entire Nordic shipbuilding market, with the longer-term ambition of creating a larger shipbuilding group for the region.

“Competition has been replaced by cooperation, synergy and the combination of the best expertise. By joining the skills and strengths of Estonian and Finnish shipbuilding companies, we can offer the best ships to our customers,” said Vanaselja.

“It has been fascinating to follow Baltic Workboats developing into a true pacesetter in the workboat market with their innovative and productized designs. We have always been benchmarking ourselves against competition and Baltic Workboats has always scored high. It is even more fascinating to be able to put our resources and knowhow together and take on the market,”

 

Juha Granqvist, owner and CEO of Työvene

Initially, the companies will continue to operate independently under their own management, employees and brand.

Shipbuilding continues at the factories of both companies in Nasva and Uusikaupungi.

“Työvene Oy has strong engineering skills and a good infrastructure for building ships with the lenghts of 50-120 meters. At Nasva, we continue to build tailor-made work vessels with the lenghts of up to 60 meters,” said Vanaselja.

The parties have agreed neither to disclose the price nor any other terms of the transaction.