Damen Shipyards will not deliver new vessels to Russia following the invasion of Ukraine.
The Dutch shipbuilding group told the NL Times that it will also not accept new contracts involving Russian interests.
The decision will have a “firm impact” on its finances, a spokesperson said.
The group is not revealing the number of ships involved, but described it as a “significant amount”.
Damen said it is in close contact with relevant authorities about the situation in Russia.
UK shipbroker Clarksons lists 41 tugs, platform supply vessels, crew boats and ferries being built at Damen Gorinchem in the Netherlands.
Many of the clients are not known, but five tugs are due for delivery to Russian state atomic agency Rosatom in October this year.
Dutch media said a number of workboats and trawlers are also under contract from Russian companies.
“It is a significant part of our turnover that we derive from that region. So it was not a light decision,” a spokesperson was cited as saying.
Damen is also working to take care of staff at a Ukrainian design base in Mykolaev, a city which is under siege.
“We have a team that is in constant contact with our employees there. We are looking at how we can help them,” the spokesperson said. “Our thoughts are with them.”
The group also has a Russian engineering office in St Petersburg that opened in 2019.
This is described as employing 33 trained and experienced shipbuilders from top Russian universities.
“The company combines the deep knowledge of Russian engineering together with Dutch know-how,” the company’s website says.
Damen has been contacted for further comment.
Over recent years, the group has built 36 ships in Russia, including dredgers.
