The cost of a large-scale upgrade of Kaliningrad-based Yantar Shipyard has been set at $580m, Yantar CEO Igor Orlov announced today.

The company owner, United Shipyard Corp., is reportedly expected to provide part of the funding.

All details of the prospective upgrades will be finalized in September, Mr. Orlov said.

The company will be reportedly carrying out the upgrade project in collaboration with Germany’s IMG-group.

Yantar Shipyard was set up in 1945 on the premises of Germany’s Schihau dockyard in Konigsberg (now Kaliningrad). Over its 64-year history the company has reportedly built more than 150 warships and 500 civilian ships.