Severodvinsk is the first Project 855 Yasen (Graney) series of the Severodvinsk class nuclear submarines, combining the ability to launch a variety of long-range cruise missiles (up to 3,100 miles) with nuclear warheads, and effectively engage hostile submarines and surface warships.
"There are no problems with the construction of the submarine, and financing is underway. The vessel will be delivered to the Navy in 2010," said Nikolai Kalistratov, general director of the Sevmash shipyard in northern Russia.
Work on the Severodvinsk started in 1992, and the vessel had been scheduled to be commissioned before 1998. However, the construction was significantly delayed for financial reasons, and work had been suspended until 2001.
In 2003 Sevmash reportedly received extra funding to accelerate the completion of the Severodvinsk. Since then, the construction cost of the submarine had to be adjusted, and in 2008 financing totaled 4 billion rubles ($146 mln).
Kalistratov said that the remaining part of the construction is the fitting of electronics on board the submarine.
"It normally takes a long time to build the first vessel in the series," he said.
Russia's Navy commander, Adm. Vladimir Vysotsky, said in July that the construction of new-generation nuclear-powered ballistic missile and attack submarines is a top priority for the Russian Navy's development.
Under the Russian State Armaments Program for 2007-2015, the Navy will receive several dozen surface ships and submarines, including five Project 955 Borey nuclear-powered strategic ballistic missile submarines equipped with new Bulava ballistic missiles, two Project 885 Yasen nuclear-powered multipurpose submarines, six Project 677 Lada diesel-electric submarines, three Project 22350 frigates and five Project 20380 corvettes.