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

People & Company News

EIVA Welcomes New Global Director

The Danish offshore survey solution specialist EIVA a/s has appointed a new global sales director, Jakob Møller Nielsen. He comes from a similar position at SPX Flow Technology,

USCG Assists 2nd Activist From Arctic Challenger

Coast Guard personnel assisted in the removal of an activist who secured herself to the anchor chain of the Arctic Challenger in Bellingham, Wash., Monday morning.

Port Kembla Tariff hiked

NSW Ports have advised that from 1 July, there will be 2.38% increase to the Navigation Service Charge (Port Tonnage) and 3% increase to other charges (site occupancy,

Shipbuilding

Hyundai Heavy Delivers 2,000th Ship

Hyundai Heavy Industries (HHI) has become the world's first shipbuilder to deliver its 2,000th ship. The world's largest shipbuilding company delivered a drillship, "Ocean BlackLion," to U.

DNV GL’s Synergi to Manage Siem Offshore Newbuilding Projects

Siem Offshore has chosen DNV GL’s Synergi Project to manage nine newbuilding projects. Synergi Project software The software is used to optimize the collaboration

Bahri Inks Contracts with Hyundai to Build 5 VLCCs

The National Shipping Co. of Saudi Arabia (Bahri) signed contracts on Thursday with Hyundai Samho Heavy Industries (HSHI) to build five very large crude carriers (VLCCs),

Offshore

EIVA Welcomes New Global Director

The Danish offshore survey solution specialist EIVA a/s has appointed a new global sales director, Jakob Møller Nielsen. He comes from a similar position at SPX Flow Technology,

ASRY in Maritime Deal with Relay

UK-based engineering firm signs service agreement to provide direct services to vessels in ASRY, expanding the list of the yard’s onsite specialist contractors.

Harnessing Offshore Wind Peaks in U.S.

For the US energy industry, 2014 will be remembered as the year when crude oil prices fell below 50$/bbl, resulting in significant realignments in the sector.

Energy

EIVA Welcomes New Global Director

The Danish offshore survey solution specialist EIVA a/s has appointed a new global sales director, Jakob Møller Nielsen. He comes from a similar position at SPX Flow Technology,

Harnessing Offshore Wind Peaks in U.S.

For the US energy industry, 2014 will be remembered as the year when crude oil prices fell below 50$/bbl, resulting in significant realignments in the sector.

DNV GL’s Synergi to Manage Siem Offshore Newbuilding Projects

Siem Offshore has chosen DNV GL’s Synergi Project to manage nine newbuilding projects. Synergi Project software The software is used to optimize the collaboration

Mergers & Acquisitions

Viking Orders 2 Liebherr Cranes

An LR 1300 with super lift equipment and an LR 1160 crawler crane will strengthen the fleet of Viking Cranes. The Tallinn-based company with branch offices

Fincantieri Invests In Camper & Nicholsons

Fincantieri has signed an agreement for the acquisition of a minority stake via capital injection in Camper & Nicholsons International (Camper & Nicholsons), the

Ferry Firm DFDS Looks to Expand

Danish ferry and transportation firm DFDS is on the takeover trail, its chief executive said, after reporting its highest first-quarter operating profit on record

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Pipelines Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.2380 sec (4 req/sec)