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© Rauma Marine Constructions

© Rauma Marine Constructions

Rauma Marine Constructions cut its losses in half

YardThe turnover of Rauma Marine Constructions Oy, which operates the Rauma shipyard, was EUR 143.5 million in 2022 (EUR 154.2 million). The result ended at a loss of EUR 29.9 million (EUR -58.4 million), and at the end of the financial year, the group's equity ratio was 40.5 percent.

"The last couple of years have been difficult for RMC and it is clear that this cannot continue. Of course, the external challenges have been difficult for several operators. What we can ourselves focus on and influence is developing our own operations to the best possible. In order to restore profitability, we have started a strategic change program", says Stig Gustavson, chairman of the board of RMC .

Russia's war of aggression against Ukraine, which began in February 2022, led, among other things, to a strong change in the European steel market in terms of material availability and pricing. The unpredictable situation in the steel market stopped RMC's block production for a few months, and the full capacity of the block production was only used in the summer.

Corvette production will start at the end of the year

Despite the challenging year, RMC's projects made progress. In December, the company handed over its third newbuild MYSTAR to Tallink.

RMC also started the production of two sister ships for the service between Tasmania and Australia in February and December. The keel laying of the first ship was celebrated in October.

The production facilities of the shipyard's new multipurpose hall were commissioned in January 2023, and the hall's office facilities were completed in March. For safety reasons, four multipurpose corvettes of the Navy Fleet 2020 project will be built indoors in the hall.

Production of the corvettes will start towards the end of this year. The steel work for the prototype block of the ships has already been completed, and experiences have been gathered for future blocks. After the ships are completed, official ships can be built in the hangar.

In addition to the hall, RMC has made significant investments for the Laivue 2020 project, for example in steel production. The investments were finalized in the spring of 2022. A new wharf area investment is also planned in connection with the project.

The value of the order book is over a billion

RMC's order book is 1.2 billion and it extends until 2028. There are a total of six ships in the order book: four multipurpose corvettes for the Navy and sister ships for the TT-Line Company.

The successful implementation of the order book requires a change in RMC's operating methods and structures. Because of this, the company has started a strategic change program to improve profitability and increase capacity. The goal of the program is to make the current network-like operational strategy even more functional.

"The current year is a turning point, and we have all the conditions and opportunities to become profitable. The strategic change program is underway at a good pace and the first development steps have already been taken," says Gustavson.

RMC's board of directors has appointed Mika Nieminen as the new CEO from 16 March  2023. CEO Mika Heiskanen will move on in his career to Royal Caribbean Group.

© Shippax

Mar 17 2023

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