North Shipyard Shipyard

The Severnaya Verf shipyard is part of the United Shipbuilding Corporation (USC) JSC (data for May 2021).

Performance indicators

2024: Up loss to $ ₽7,4 billion

The Severnaya Verf shipyard ended 2024 with a record loss of ₽7,4 billion. This is evidenced by the annual report of the enterprise, published in March 2025. The plant, part of the United Shipbuilding Corporation (USC), suffered losses despite revenue growth and government subsidies.

According to RBC, the loss of the shipyard in 2024 was the maximum in the entire history of observations. The company has shown negative financial dynamics for the fourth year in a row. The last time a positive result was recorded in 2020, when profit amounted to ₽173 million. In subsequent years, losses only increased: in 2021 they reached ₽3,5 billion, in 2022 - ₽5,9 billion, in 2023 - ₽6,9 billion.

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Фото: Freepik

It is noteworthy that the growth of unprofitability in 2024 occurred against the background of a significant increase in revenue - by 58% compared to the previous period, from ₽16,5 billion to ₽26,1 billion. In addition, the company received subsidies from the Ministry of Industry and Trade of Russia in the amount of ₽2,1 billion.

The company's annual report lists the main reasons for the loss. Among them are the general underload of the shipyard's production facilities, the low quality of the initial design and technical documentation in civil shipbuilding, the need to finalize projects already in the construction process, the lack of rhythmic financing from customers, a high credit load, as well as the failure of suppliers to deliver equipment.

The termination of contracts for the construction of three fishing vessels of project 170701 had a significant impact on the financial result, which brought a loss of ₽399 million. According to reports, we are talking about contracts for the construction of part of processor trawlers for the Murmansk fishing holding Norebo.

The credit load of Severnaya Verf has reached critical values. According to the company's balance sheet, the volume of long-term loans as of January 1, 2025 amounted to ₽106,7 billion, an increase of 16% over the year. The volume of short-term loans increased 15 times and reached ₽26 billion.^[1]

History

2025

Allocation of ₽600 billion for modernization

In October 2025, it became known about the decision of the United Shipbuilding Corporation (USC) to double investments in the modernization of the Severnaya Verf in St. Petersburg to ₽600 billion. Initially, it was planned to invest at least ₽300 billion in the reconstruction of the enterprise.

According to Vedomosti, the feasibility study of a large-scale modernization of the plant should be completed by November 2025. A representative of the St. Petersburg administration confirmed to the publication information about a potential doubling of investments. In his opinion, this logically fits into USC's ambitious plans to enter the large-tonnage shipbuilding market. The increase in costs is due to the clarification of the scope of work and the inclusion of additional facilities and equipment in the budget.

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Фото: Wikipedia

The cost of reconstruction of Severnaya Verf at ₽600 billion is comparable to the preliminary estimate of investments in the construction of a new USC shipyard in the Intermediate Bay in the Ussuri Bay in the Far East. The capacity of the Far Eastern enterprise should be up to 12 units per year, the launch is scheduled for 2032.

The general director of Severnaya Verf Vasily Volegov noted that the modernization actually involves the creation of a new enterprise. Of the current shipyard contour, only one building will remain - a boathouse built in 1945. All other structures will be demolished.

The project has entered an active phase of implementation. A master plan has been formed, there is an understanding of all production redistributions, design has begun. The new site will take about 100 hectares. Completion of work and commissioning of new facilities is planned in stages by 2031.

USC General Director Andrei Puchkov reported that the state corporation plans to assess the estimated cost by the end of the second quarter of 2026. A USC spokesman later said a feasibility study would be formed in the spring of 2026.^[2]

Construction of a new shipyard in St. Petersburg for ₽300 billion

The United Shipbuilding Corporation will build a new shipyard in St. Petersburg with an investment of at least ₽300 billion. The project is being implemented on the territory of the existing Severnaya Verf enterprise, which will be fully modernized by 2030. Upon completion of the work, production capacity will grow 16 times. The plans for the construction were announced by the chairman of the board of directors of USC Andrei Kostin on June 19, 2025.

Kostin noted that we are talking about a complete reconstruction of the existing enterprise on the job. The Chairman of the Board of Directors of USC stressed that the project is a revival of domestic shipbuilding both military and civilian.

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Фото: Freepik

Metal processing at Severnaya Verf after modernization will increase to 90 thousand tons per year. Production capacity will allow building up to 11 medium and large-tonnage vessels annually.

The company will specialize in the construction of various types of ships. The production program will include gas carriers, Aframax tankers, timber carriers, container ships, universal bulk carriers, research vessels and bulk carriers.

The updated shipyard will introduce a large-block assembly of ships, which will significantly increase the efficiency of the production process. Process lines will be equipped with automated metal welding and cutting equipment.

Kostin said that with the help of the authorities of St. Petersburg, the corporation doubled the area of ​ ​ the shipyard, having bought the adjacent land plots. Expansion of the territory will allow placing additional production facilities.

Covered slipways and other production facilities will be built on the territory of the modernized enterprise. The Governor of St. Petersburg Alexander Beglov and Kostin signed an agreement on cooperation in the implementation of the project.

Large-scale modernization of the Severnaya Verf shipyard should begin at the end of 2025. USC General Director Andrei Puchkov said that the process of designing the future enterprise is currently underway.^[3]

2021

According to information for May 2021, the production facilities of Severnaya Verf are designed to organize serial construction, repair, modernization of surface warships of the destroyer, frigate, corvette classes and commercial ships with deadweight up to 12,000 tons.

2010

The Severnaya Verf shipyard (formerly Putilovskaya Verf), where more than 3,000 people work as of April 2010, was founded in St. Petersburg in 1912. The products of this enterprise, which is one of the top 100 largest defense companies in the world, are traditionally surface warships, of different classes, research vessels, as well as cargo transportation vessels: destroyers, large ASW ships, frigates, patrol ships and minesweepers, tankers, bulk carriers, timber carriers, container ships, passenger and fishing vessels, tugboats, ferries, and floating docks.

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