Need More Money: Investments in the Modernization of "Severnaya Verf" May Amount to 600 Billion Rubles

St. Petersburg Shipbuilders Will Build Up to 11 Ships per Year

Experts from the United Shipbuilding Corporation (USC) plan to complete the feasibility study (feasibility study - an analysis of technical, financial, market factors to determine the benefits and risks associated with investments) for the modernization of "Severnaya Verf" by November 2025. The investment volume may double and amount to almost 600 billion rubles. This was reported by two informed sources.

Production facilities of "Severnaya Verf"
Image source "Severnaya Verf"

Previously, the amount of funding was estimated at 300 billion rubles. But, after including the construction of additional facilities and the purchase of new equipment in the estimate, the costs increased.

In September 2025, the General Director of "Severnaya Verf", Vasily Volegov, at the "Neva-2025" forum, said that modernization actually means creating a new shipbuilding enterprise. According to the plan, only one slipway built in 1945 will remain at the shipyard, all other buildings will be demolished.

What has already been done

The project is in an active phase. Specialists have already formed a master plan and started designing. The updated production site will occupy about 100 hectares. The facilities will be erected and put into operation in stages. All work will be completed by 2031.

Work at one of the sites of "Severnaya Verf"
Image source "Severnaya Verf"

According to the USC presentation, two slipways will be built at "Severnaya Verf" for the construction of ships up to 240 in length and up to 48 m in width. Each of them will be equipped with bridge cranes with a lifting capacity of up to 900 tons.

A covered dry dock with a height of 100 m will appear at the shipbuilding plant. Ships up to 350 m in length and up to 60 m in width will be built here.

What tasks are set before the management of "Severnaya Verf"

It is expected that after modernization, the volume of production at "Severnaya Verf" will increase to 15 million standard hours, metal processing - up to 90,000 tons per year. St. Petersburg shipbuilders will be able to produce up to 11 ships per year.

In addition, the shipyard will begin construction of medium- and large-tonnage fleet. The General Director of the enterprise, Vasily Volegov, clarified earlier that we are talking about Aframax tankers, gas carriers, container ships and bulk carriers. According to the management's forecast, "Severnaya Verf" will be provided with orders until 2075.