A new Russian nuclear-powered multipurpose attack submarine will be floated out on May 7, a shipyard spokesman said on Monday.

Construction of the Severodvinsk, a Project 885 Yasen (Graney) class submarine, began in 1993 at the Sevmash shipyard in the northern Russian city of Severodvinsk but has since been dogged by financial setbacks.

"A floating out ceremony for Russia's new Severodvinsk nuclear submarine at the Sevmash shipyard has been scheduled for May 7," the official said.

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

The submarine's armament includes 24 cruise missiles, including the 3M51 Alfa SLCM, the SS-NX-26 Oniks SLCM or the SS-N-21 Granat/Sampson SLCM. It will also have eight torpedo launchers, as well as mines and anti-ship missiles such as SS-N-16 Stallion.

Severodvisk is expected to enter service with the Russian Navy by late 2010.

Last year, work started on the second sub in the series, the Kazan, which will feature more advanced equipment and weaponry.

Russia's Navy commander, Adm. Vladimir Vysotsky, has said that the construction of new-generation nuclear-powered ballistic missile and attack submarines was a top priority for the Russian Navy.