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5/28/21 3:12 PM

The Arctic Connect telecom cable project is set on hold for further assessment

Cinia Ltd, as the leading party of the Cinia Alliance, in collaboration with MegaFon, have been working on the development phase for the Arctic submarine cable project. The objective of the international project has been to build the first trans-Arctic submarine telecom cable between Europe and Asia.

Arctic Connect development project has been executed through a separate SPV, a project company domiciled in Finland. The plan has been to run the development phase of the project in 2020-2022, and to make the final investment decision for potential construction at later stage through separate assessment.

- Arctic Connect is a real international opportunity and Cinia clearly foresee the increasing need for additional capacity and route diversity between Europe and Asia in international telecom networks. Despite the fact that the development phase of the project has progressed as planned and the funding for this phase has been secured, the key stakeholders have now decided to put the development project on hold. To correct some completely misleading information appeared in the media, this suspension is not due to Cinia Alliance members as we believe that the opportunity still exists with a great international interest, says Ari-Jussi Knaapila, CEO of Cinia Ltd.

The global economy increasingly depends on international telecom networks and logistics systems. Cinia is highly connected to offer services between Europe and Asia already today, and to improve the performance and resilience of international telecom networks further, new routes with additional capacity are expected to have a key role in this development.

Additional information:

Ari-Jussi Knaapila, CEO, Cinia Ltd. Assistant: Outi Manninen 045 7881 4452, outi.manninen(at)cinia.fi


Cinia
provides secure high-availability data network and software solutions. Our operations are based on our solid expertise in modern software development, data network technologies and critical operating environments.

Our fibre optic network of roughly 15,000 kilometres, including the C-Lion1 submarine cable, enables the fastest data communications solutions to Central Europe and to markets in Asia and Eastern Europe. By combining our services with services of our partners, we can provide reliable and comprehensive solutions that help our customers write their own digital success stories. Cinia.fi//en