Chantier Davie Canada Inc. has announced the exercise of its exclusive option to purchase the assets of Helsinki Shipyard Oy, the Finnish builder of expedition cruise ships and icebreakers, Davie said in a statement.

“Exercising the option to purchase does not mean an acquisition is completed. It is subject to the successful execution of thorough due diligence, including financial, regulatory and legal considerations, as well as final decision making by Davie,” the company said. 

Davie President and CEO, James Davies, said: “If the acquisition is successful, it would combine two historic and highly complementary businesses creating the western world’s leading international centre of excellence for Arctic shipbuilding.”

The ongoing process is otherwise confidential, and Davie will make further comment only upon reaching a major milestone such as the signing of a purchase agreement, the company said.

Helsinki Shipyard is in the process of completing the third and final expedition cruise ship for Swan Hellenic, based in Cyprus.

Based in Québec, Canada and founded in 1825, Davie is a leading builder and maintainer of specialist, mission-critical ships such as icebreakers, warships and ferries for government and commercial customers. Davie is Canada’s largest and highest capacity shipbuilder as well as a partner in the country’s National Shipbuilding Strategy under which it will build a fleet of advanced, fuel-efficient polar icebreakers and hybrid ferries, it noted.

Helsinki Shipyard in currently owned by a Cyprus based company that again is owned by two Russian businessmen. Neither the shipyard nor its owners face sanctions as a result of the Russian attack on Ukraine.