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

People & Company News

IMO’s Sekimizu Condemns People Smugglers

Prompted by recent incidents in which hundreds of migrants attempting to cross the Mediterranean to Europe have lost their lives, including dozens found dead in

Glosten Acquires Noise Control Engineering

Noise Control Engineering LLC (NCE), a consulting firm for ship noise and vibration control, has become a wholly owned subsidiary of Glosten, Inc. a Seattle-based

Total Lubmarine Resumes Full Service in Tianjin

Marine lubricants and greases provider Total Lubmarine informs it has resumed all services based out of the Port of Tianjin following the deadly explosions that rocked the port August 12.

Shipbuilding

New Tanker Stena Imperial Named in Savannah

A new 50,000 DWT MR chemical and product tanker based on the IMOIIMAX concept, Stena Imperial, was named yesterday in Savannah, Ga.   Built by Chinese shipyard

Bulk Carrier Ship Delivered to Pioneer Marine

Pioneer Marine, a shipowner and drybulk handysize transportation service provider, announced  it has accepted delivery of a 38,464 DWT Green Dolphin eco-design handysize vessel, the M.

LNG-fueled Box Ship a 'Momentous Step Forward'

On Saturday, August 29, 2015, the world’s first series of energy efficient containerships welcomed its second LNG-powered vessel in San Diego, fueling the U.S.

Offshore

MODEC FPSO Achieves First off Brazil

MODEC, Inc. announced today that its FPSO Cidade de Itaguai MV26, operating in the Iracema Norte area of Lula field, in the Pre-Salt layer of Santos Basin offshore Brazil,

AFBO to Provide Security in Arctic Waters

State of the Arctic Council to establish a new mechanism to strengthen operational cooperation and coordination of activities at sea. This is dictated by the

First Damen Twin Axe Workboat for Middle East

Damen Shipyards Group has delivered a Damen Fast Crew Supplier (FCS) 2610 workboat, named AOS SWIFT for the Atlantic Maritime Group on 20 August 2015. This is

Energy

Brent Crude Falls More than 7 Percent

Brent crude futures tumbled more than 7 percent on Tuesday, falling back below $50 a barrel as data highlighting China's contracting manufacturing sector revived

Gunvor Emerges as Winner in Rosneft's Jumbo Oil Tender

Trading house Gunvor, which has been selling assets in Russia, has again emerged as the winner of a semi-annual Rosneft tender, traders said on Tuesday.   They said Gunvor would lift from 200,

Oil Exports Could Push US Gasoline Prices Lower

The price of U.S. gasoline could fall if Washington were to allow crude oil exports, an independent government report on Tuesday concluded, adding political firepower

Mergers & Acquisitions

Glosten Acquires Noise Control Engineering

Noise Control Engineering LLC (NCE), a consulting firm for ship noise and vibration control, has become a wholly owned subsidiary of Glosten, Inc. a Seattle-based

Keppel Acquires Cameron's Rig Business

Singapore's Keppel Offshore & Marine (KOM), via subsidiary, Keppel Offshore & Marine USA  has inked a deal with Cameron International Corporation, a US-based oil and gas solutions provider,

TASI Acquires SignalFire Telemetry

TASI HOLDINGS INC. announced today it has completed the acquisition of all shares of SignalFire Telemetry, located in Hudson, Massachusetts.  This new acquisition

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.2501 sec (4 req/sec)