Construction of the Severodvinsk submarine began in 1993 at the Sevmash shipyard in the northern Russian city of Severodvinsk but has since been dogged by financial setbacks. It was floated out in June last year and has undergone two sets of sea trials.

“The delivery of the [Severodvinsk submarine] to the Defense Ministry has been postponed until next year,” Sevmash General Director Andrei Dyachkov said on Friday in an exclusive interview with RIA Novosti.

Dyachkov said the testing of the submarine’s weaponry required at least six months of additional sea trials in 2012.

“The submarine itself showed a good performance [during previous trials],” the official said. “It will be commissioned by the end of 2012.”

Graney class nuclear submarines are designed to launch a variety of long-range cruise missiles (up to 3,100 miles or 5,000 km), with conventional or nuclear warheads, and effectively engage submarines, surface warships and land-based targets.

The submarine's armament includes 24 cruise missiles and eight torpedo launchers, as well as mines and anti-ship missiles.

Meanwhile, the construction of the second Graney class submarine, the Kazan, at the Sevmash is going according to schedule.

The Kazan will feature more advanced equipment and weaponry than the Severodvinsk, and can be considered as a prototype of modernized Graney-M class submarines.

Dyachkov said on Friday that Sevmash would start building a series of five advanced Graney-M class attack submarines in 2012 under a recent contract between the Russian United Shipbuilding Corporation and the Defense Ministry.