Uncertainties related to a financial package agreed in February to ensure completion of the two 97,000 gross ton cruise liners of TUI Cruises at STX Finland have been solved, the Ministry of Employment and the Economy said in a statement.
The ministry, TUI Cruises, STX Finland and other parties related to the project have signed an agreement that will ensure construction time funding of the two ships in Helsinki today.
The Finnish government pays STX Finland a total of €31 million in innovation grant plus purchase price of the site of the Turku shipyard, where the two ships are built. The Finnish government’s exposure to the project will not grow from this.
Finnvera, the state export credit organisation, will have a maximum exposure of €292 million in the project through guarantees.
STX Finland, which is part of Oslo based STX Europe, has suffered from weak workload and problems at group parent STX Shipbuilding & Offshore, which is headquartered in Seoul in South Korea.