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STX gets Xmas wish: 44 million from gov't

The government has agreed to grant 44 million euros in innovation support funding to the STX Finland shipyard for its ship building operations. About 28 million euros will be channelled into securing an order for the construction of a luxury cruise liner.

STX Europe Turun Telakalla viimeisteltiin risteilylautta m/s Viking Gracea 18. joulukuuta 2012.
Image: Tatu Lertola / Lehtikuva

After lengthy talks, cabinet’s economic affairs committee agreed to grant 28.3 million euros in innovation support to the STX shipyard in Turku to help secure an order for the construction of a Sanctuary cruise liner.

The sum represents the largest ever innovation support package granted for the construction of a single vessel.

Government previously agreed to support the construction of a liner for the Germany-based TUI Cruises to the tune of 16 million euros in innovation funding.

STX had previously requested a government loan of 50 million euros to help secure the cruise liner project.

Government’s total direct injection of 44.3 million euros is expected to significantly increase the company’s chances of acquiring the deal.

Additionally, the state export financing agency Finnvera is on standby to provide funding of more than 600 million euros for the duration of the construction project.

According to the cabinet committee, apart from this exceptional level of financial support, government cannot provide any additional directing financing to the company.

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