Total defenses subsidiary For Uusikaupunkin Työvene Oy has been awarded the procurement of vessel services for the Maritime and Coastal Services Agency of the Government of Flanders, which concerns the design and construction of SWATH vessels for North Sea operations.
The company’s share price reacted strongly to the news, and at 17:30 the price of the share, which had previously fallen sharply, is up 75.5 percent at 0.3835 euros.
The procurement authority informed Uusikaupunki Työvene about the procurement decision on 14 September 2026. The second bidder has since applied to the Supreme Administrative Court of Belgium to suspend the implementation of the procurement decision. At the moment, the procurement contract cannot be concluded until the court has resolved the application. The hearing of the case has been scheduled for 14 October 2026.
The procurement decision consists of a fixed share for the first SWATH vessel and conditional shares for three additional vessels. The first vessel will be built at Uudenkaupunkin Työvene Oy’s shipyard in Uussakaupunki.
According to Summa’s press release, the total value of the acquisition decision is approximately EUR 79.2 million without VAT. Of this, the value of the binding part covering the first SWATH vessel is approximately EUR 20.5 million, and the combined value of the conditional parts (options) covering the three additional vessels is approximately EUR 58.8 million. The three option platforms are not binding orders until the related options are exercised in accordance with the terms of the acquisition.
If the procurement proceeds to the conclusion of the contract, the first ship is estimated to generate Summa Defence’s turnover in 2026-2028 in accordance with the progress of the project. The acquisition would not change Summa Defence’s financial guidelines for 2026.