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

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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