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Flc West News

23 Mar 2010

STX Europe Company Update

STX France has recently experienced cost overruns mainly related to one of its cruise vessels under construction at its St Nazaire shipyard. The cost overrun could represent a negative deviation up to $20.3m – 27.1m, but every possible effort is being made to limit such cost overrun. The physical construction of the vessel is however in good progress, and the vessel is expected to be delivered on-time and to the client's full satisfaction. STX France has a solid working capital position, and the funding of such cost overrun will be managed from the existing working capital in STX France. As a consequence of the cost overruns, STX Europe has agreed with Nordea Bank to adjust the interest coverage ratio covenant (EBITDA/Interest) to reflect such a lower expected EBITDA in 2010.

30 Oct 2008

STX Europe ASA 3Q Report

While the revenues grew with 14.2 percent and new order intake amounted to NOK 7 344 million, an ongoing project within Offshore & Specialized Vessels for A.P. Moller - continued to negatively influence the EBITDA result also in the third quarter. The transaction with FLC West was completed at the end of July. This resulted in a profit from discontinued operations of NOK 791 million and increased the equity ratio to 22 percent. As communicated in the report for the second quarter 2008, several ships in a series of ten vessels for A.P. Moller - Maersk have suffered from delays and poor quality. This project constitutes a significant part of the ongoing projects within the business area Offshore & Specialized Vessels.

29 Jul 2008

Aker, FLC Transaction Complete

Aker Yards and FLC West have completed the previously announced transaction in which FLC West comes in as a 70 percent shareholder in three shipyards in Germany and Ukraine. The agreement has been approved by all relevant regulatory authorities. The transaction strengthens Aker Yards' financial capacity and liquidity, and it improves the potential for further development of the three involved yards. Aker Yards ASA has consisted of 18 shipyards around the world. At 25 March 2008, the group announced that it intended to take the Russian controlled company FLC West in as a majority shareholder in Aker Yards Ukraine Holding AS which owns the Okean shipyard in Ukraine and the shipyards in Wismar and Warnemünde in Germany.

17 Jun 2008

FLC West Awaits Ukraine Approval

Aker Yards has not yet received confirmation from FLC West that they have received approval from Ukraine competition authorities for FLC's acquisition from Aker Yards of 70 percent of the shares in the subsidiary Aker Yards Ukraine Holding. Under the agreement which the two companies announced 25 March 2008, FLC West has the responsibility to apply for the necessary approvals for their new ownership. Based on the information Aker Yards has received in respect of FLC's applications, Aker Yards had expected clearance to be obtained and information to be received by now. Aker Yards has no knowledge of the reason for the apparent delay. Apart from the anti-trust clearance in Ukraine, all other preparations for closing are complete.

25 Mar 2008

Aker Yards Sells Part of Merchant Biz

The Aker Yard in Florø, Norway.

Aker Yards ASA sold 70 percent of the ownership in three of the yards within its business area Merchant Vessels to FLC West, a Russian owned investment company. When the deal is approved an consummated, Aker Yards will receive EUR 291.9 million from FLC West. Aker Yards ASA has three business areas; Cruise & Ferries, Offshore & Specialized Vessels and Merchant Vessels. The business area Merchant Vessels has shipyards in Florø, Norway, Nikolaev in Ukraine, and in Wismar and Warnemünde in Germany.