STX Europe Sells Shares in STX OSV Holdings Ltd.

(Press Release)
Friday, July 08, 2011

STX Europe Holding AS, a wholly owned subsidiary of STX Europe AS (STX Europe), has agreed to sell part of its equity interests in STX OSV Holdings Limited (STX OSV) to investment funds affiliated with OZ Management LP (Och-Ziff).  The placement of 215,590,000 ordinary shares by STX Europe will be at a price of S$1.33 per share. This amounts to approximately 18.27% of the total issued share capital of STX OSV. Following the sale, STX Europe will hold 598,851,000 shares in STX OSV equal to a majority shareholding of 50.75%. STX Europe underscored that the placement was made with the objective of improving the trading liquidity of STX OSV. As a result of placement, Och-Ziff's shareholding in STX OSV will increase to 20.0%. STX Europe remains committed to STX OSV as a substantial shareholder, owning 50.75% of STX OSV post the placement.

STX Europe will use the proceeds from the share sale to reduce its corporate debt, loan to shareholders and for general corporate purposes. The shares of STX OSV are quoted on the Main Board of the Singapore Stock Exchange. STX Europe has obtained necessary consents to this sale of shares pursuant to the lock-up agreement entered into in connection with the IPO of STX OSV in November 2010. As part of the placement, STX Europe also entered into a separate lock-up agreement with OZ Management LP on July 8 2011 pursuant to which STX Europe agreed to not dispose of any additional shares in STX OSV until 12 November 2012 with certain limited exceptions.

 

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Ardmore Shipping Secures Newbuilding Finance

Ardmore Shipping Corporation says it has signed agreements to upsize its existing senior loan facility with ABN AMRO Bank N.V., Nordea Bank Finland Plc, and Skandinaviska Enskilda Banken AB ("SEB").

Gulf Island Fab Sign Bechtel Offshore Cooperation Agreement

Gulf Island Fabrication, Inc. says it has signed a cooperative agreement with Bechtel Oil, Gas, and Chemicals, Inc. to work together to pursue opportunities for offshore projects for the U.

Crowley Christens New DP2 Tugboat 'Ocean Sky'

Crowley Maritime Corp. says that the third of four tugboats in the Ocean-class series, 'Ocean Sky' has been christend  in Houston.  The ceremony served to formally

Finance

Ardmore Shipping Secures Newbuilding Finance

Ardmore Shipping Corporation says it has signed agreements to upsize its existing senior loan facility with ABN AMRO Bank N.V., Nordea Bank Finland Plc, and Skandinaviska Enskilda Banken AB ("SEB").

UK Chancellor Mentions Hi-Tech Tax Breaks on Bibby Offshore Visit

Bibby Offshore, subsea services provider to the oil & gas industry, says it has hosted a visit by George Osborne, Chancellor of the Exchequer, to the Company’s workshop,

DoD Awards Ingalls 'USS Ronald Reagan' Contract Modification

U.S. Department of Defense (DoD) informs that Huntington Ingalls Inc., Newport News, Virginia, is being awarded a US$13,759,894 modification to previously awarded cost-plus-award-fee,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1383 sec (7 req/sec)