The RF is planning to add another $129m to the authorized capital of Arkhangelsk Region’s Sevmash Shipyard, Prime Minister Vladimir Putin and Minister of Industry and Commerce Viktor Khristenko announced earlier today.

In a separate announcement, Mr. Khristenko said VEB Bank was to postpone repayment of Sevmash’s $194m loan for five years.

As a result of this move, and a boost in production, Sevmash’s sales are expected to hit $968m by the year end.

Sevmash Shipyard in the town of Severodvinsk specializes in construction, overhaul and upgrades of nuclear submarines; it also manufactures oil production platforms.