Davie acquires Finland’s Enersense Offshore

James Davies, president and CEO of Davie: “This deal will reinforce our own competitiveness and that of Finnish shipbuilding as a whole."

Hard on the heels of its agreement to acquire Gulf Copper’s Texas shipyards, Canadian shipbuilder Davie is on the acquisition trail again, this time in Finland. Quebec-based Davie, which is the owner of Helsinki Shipyard, announced it has reached an agreement to acquire Enersense Offshore Oy (Enersense Marine and Offshore Unit), which specializes in steel and fabrication operations at its facility in the Mäntyluoto port district of the city of Pori, Finland.

According to Enersense Offshore’s parent company, Enersense, the purchase price is approximately EUR 7.5 million, of which EUR 5 million will be paid at the completion of the transaction and EUR 2.5 million six months later. The transaction is expected to be completed during the third quarter of 2025.

By securing domestic steel production, Helsinki Shipyard will be Finland’s only specialized shipbuilder with fully integrated capabilities, from design to delivery, says Davie, adding that the acquisition greatly strengthens Helsinki Shipyard’s ability to build multiple special-purpose vessels simultaneously, while maintaining market-leading delivery times. Steel production in Mäntyluoto will support Davie’s and Helsinki Shipyard’s shipbuilding projects in both Finland and North America.

The transaction is subject to customary closing conditions and is expected to be completed during the third quarter of 2025.

The acquisition will boost the shipbuilding industry and employment in Pori and Helsinki, while benefiting the overall economic value of Finland’s maritime cluster. The aim is to revitalize the unit’s operations and ramp up its capabilities and capacity to tap into the increasing growth potential in the western shipbuilding market.

In March 2025, Helsinki Shipyard signed an agreement with the Canadian government to construct the hull of a heavy icebreaker based on its build-ready Polar Max concept.

Steel production for the Polar Max will begin in Pori as soon as possible, with construction work on the vessel set to begin at Helsinki Shipyard in August.

“This deal will reinforce our own competitiveness and that of Finnish shipbuilding as a whole by securing the supply of steel for many critical projects. Most importantly, we’re securing the future of a highly skilled workforce and delivering more stability for our customers and partners,” said James Davies, president and CEO of Davie.

“The Enersense Marine and Offshore Unit possesses unique expertise in steel production for the Arctic maritime industry, making Helsinki Shipyard an integrated shipbuilder. Block production for the first vessel under our Polar Max concept will begin as soon as possible,” said Kim Salmi, CEO of Helsinki Shipyard.

The skilled Enersense Marine and Offshore Unit team will remain in place under the new ownership.

“We are delighted that, after patiently conducting the strategic assessment over the past year, we have found the best possible home for the Marine and Offshore Unit. The unique expertise of our personnel in Mäntyluoto can further flourish with Davie, a leading shipbuilder,” said Kari Sundbäck, CEO of Enersense.