The French Republic became a 33.34 percent shareholder in STX France and its shipyards in Saint-Nazaire and Lorient. STX Europe is a builder of cruise ships and ferries, with a market share of 35 - 40 percent. The company builds cruise ships at its yards in France and Finland. The French yards also have experience with navy vessels. Other shipyards in STX Europe are build specialized offshore vessels. The new agreement between STX Europe and the French Republic is a realization of the memorandum of understanding announced by the two parties on June 12, 2008. The French Republic will acquire the 33.34 percent interest in STX France via an equity investment of $139.7m which is expected to be made on November 7, 2008.