Fincantieri Said to Bid for STX OSV Stake

Wednesday, April 11, 2012

Fincantieri SpA, the Italian state-controlled shipbuilder, is among final bidders for a stake in STX OSV Holdings Ltd., the world’s largest maker of offshore support vessels, said two people with knowledge of the matter.

An investment fund also made an offer, one person said, declining to identify the bidder. South Korea’s STX Group, which is seeking to sell its 51 percent stake in Singapore-listed STX OSV, may conclude a deal next month, the person said, asking not to be identified because the process is confidential.

STX Group’s stake is worth $809 million based on yesterday’s closing price, according to data compiled by Bloomberg. Singapore’s takeover guidelines require any buyer of more than 30 percent of a publicly-traded company to make an offer for the rest of the stock. STX OSV, based in Alesund, Norway, has a market value of S$2 billion.

The company may draw bids as energy exploration in new offshore fields bolsters demand for vessels used to move and supply rigs. Deep-water explorers are projected to spend a record $232 billion on new equipment in the next five years, according to Canterbury, U.K.-based researcher Douglas-Westwood.

STX OSV is “definitely well positioned in terms of what they do and long-term industry demand trends,” said Vincent Fernando, an analyst at Religare Capital Markets (Singapore) Pte Ltd.

Deep water is clearly the future for the oil and gas offshore investment,” he said.

Fincantieri, which builds cruise ships, ferries and luxury yachts, is owned by Fintecna SpA, a company controlled by Italy’s finance ministry. A spokeswoman at Fincantieri declined to comment on the company’s interest in STX OSV.

STX Group, also parent of the world’s fourth-largest shipbuilder, said in October that it plans to raise more than 1.3 trillion won ($1.1 billion) early this year by selling overseas assets and bonds to repay maturing debt. In January, the company said that it had hired JPMorgan Chase & Co. and Standard Chartered Plc. to arrange the sale of its STX OSV stake.

STX OSV won orders worth 11.1 billion kroner ($1.9 billion) last year, including 6.03 billion kroner in the fourth quarter. Its order book stood at 16.7 billion kroner at the end of December with deliveries stretching into 2016.

The vessel-builder has yards in Europe, Asia and Brazil. It is building a second facility in the South American nation, as Petroleo Brasileiro SA drills new wells off the country’s coastline.

The company was bought by STX Group through the takeover of Aker Yards ASA, completed in February, 2009. It sold a stake in an initial public offering in November, 2010. (Bloomberg)

 

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Missing Person Rescued Near Brackettville

On July 31, Border Patrol Search Trauma and Rescue (BORSTAR) agents and CBP Office of Air and Marine rescued a man who was reported missing the previous morning.

Ross is Fleet Manager, Heidmar

Heidmar announced the promotion of Duncan Ross to Fleet Manager. Duncan joined Heidmar’s London office in 2012 as vessel manager.  Prior to joining Heidmar,

Fire Aboard USS Mount Whitney

A fire broke out on board USS Mount Whitney (LCC 20) while the ship was in Viktor Lenac Shipyard (Rijeka, Croatia) July 31, 2015. There were no personnel injuries in the fire,

Shipbuilding

MHI: Notice of Absorption-Type Split Agreements

MHI gives Notice Regarding Conclusion of Absorption-type Split Agreements Relating to Transfer of Ship Construction and Hull Block Manufacture Businesses to Two

Fratelli Neri Orders Damen Tug

One of the largest Italian tug owners, Fratelli Neri S.p.A, ordered its first Damen tug, an ASD 3212, on 21 July 2015.   The vessel will be the first ASD tug

Thai Navy Lobbies for More Submarines

The Royal Thai Navy claims it urgently needs more submarines to compete with other Asian countries.   The assistant commander made the claim aimed at persuading

Offshore

Fratelli Neri Orders Damen Tug

One of the largest Italian tug owners, Fratelli Neri S.p.A, ordered its first Damen tug, an ASD 3212, on 21 July 2015.   The vessel will be the first ASD tug

NOIA Applauds Senate Passage of OPENS Act

NOIA President Randall Luthi issued the following statement on the Senate Energy and Natural Resources Committee’s passage of the OPENS Act, which will open new

Shell Moves Ahead in Arctic with Exploratory Well

Shell Oil's icebreaker MSV Fennica weaved through nine remaining protesters hanging from the St. Johns Bridge and made its way toward the Pacific Ocean.   Authorities

Energy

Optimized Tug-Barge System Designs by Robert Allan

Optimized Tug-Barge System Designs by Robert Allan Ltd. by David R. Connand Robert G. Allan, P.Eng. Some veteran Mississippi pushboats and barges have been

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

West Africa's August Crude Exports to Asia to Slip

West African crude oil exports to Asia were expected to fall to 1.84 million barrels per day (bpd) in August, Reuters data and a survey of traders showed.     Slower

Mergers & Acquisitions

MHI: Notice of Absorption-Type Split Agreements

MHI gives Notice Regarding Conclusion of Absorption-type Split Agreements Relating to Transfer of Ship Construction and Hull Block Manufacture Businesses to Two

Calais Port Blocked Again by Protesters

Protesting ferry-workers blocked road access to the northern French port of Calais with burning tyres on Friday, police said. The workers have in recent weeks

BBC Chartering Opens Vietnam Office

BBC Chartering announces the opening of a new representative office in Ho Chi Minh City, Vietnam, starting August 1st breakbulk, and general cargo transportation

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1992 sec (5 req/sec)