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Stx Heavy Industries Co News

02 Aug 2016

STX Heavy Under Rehabilitation Process

The Seoul Central District Court begins  a rehabilitation process for STX Heavy Industries Co, after the financially strapped company applied for protection late last month, reports Yonhap. STX Heavy Industries is the latest victim in South Korea's faltering maritime industry who are trying to avoid bankruptcy. Court will proceed with a debt-restructuring receivership program to prevent the company from being driven into insolvency. STX Heavy Industries has been suffering from hefty debts and lower demand amid a prolonged economic slowdown. The court plans to hire an accounting firm which will conduct due diligence on the company and report the results by the end of September, sources said. The company is required to file its rehabilitation programs with the court by Oct. 28.

23 Jan 2014

China Arbitration Court Orders Korea's STX to Pay Debt

STX logo

Troubled South Korea shipbuilder STX Heavy Industries Co. issued a guarantee on a loan defaulted on by its Chinese heavy machinery manufacturer, STX Dalian Heavy Industries Co., from China's Bank of Communications and has been ordered to repay the loan, reports Yonhap. Unlisted STX Dalian Heavy Industries is a wholly owned subsidiary of STX Heavy Industries and has been ordered to repay the 60.9 billion won (US$56.8 million) loan by the China International Economic and Trade Arbitration Commission after the Chinese unit failed to service the principle and interest.

29 Nov 2011

MHI to License MET Turbocharger Production To STX Metal

(Photo: Mitsubishi Heavy Industries )

Mitsubishi Heavy Industries, Ltd. (MHI) and STX Metal Co., Ltd., a marine diesel engine manufacturer in Korea, have signed an agreement under which MHI will license production and marketing of its MET Turbocharger*, a supercharger for marine diesel engines, to the Korean firm. By establishing a collaborative relationship with STX Metal, MHI aims for further market penetration of the MET Turbocharger in Korea, the world leader in marine diesel engine production. STX Metal is expected to complete production of the first unit of the MET Turbocharger in 2012.

11 Mar 2009

STX, Schottel to Produce Propulsion Systems

Prof. Dr.-Ing. Gerhard Jensen (CEO of Schottel) and Kang-Sik Rhee (President and CEO of STX Heavy Industries) after signing the agreement.

The South Korean company STX Heavy Industries Co., Ltd. and Schottel will be cooperating in the area of large rudder propeller systems for underwater installation, as used on drilling rigs, for example. Within the framework of a corresponding licence agreement, STX will manufacture rudder propellers covering a power range from 2000 to 5800 kW, while Schottel will supply the core components for these systems in the form of the L gearbox. The first STX-Schottel Rudder propellers are due for delivery in the second half of 2010.

23 Sep 2008

Noble Corp. Orders Ultra-Deepwater Drillship

Noble Drilling Holding has signed contracts for the construction of a new, dynamically positioned, ultra-deepwater, harsh environment Globetrotter class drillship with 's STX Heavy Industries Co., LTD (STX) and Dutch-based design and construction firm Huisman Equipment B.V. The drillship will be built on a fixed-price basis in two phases. Following construction of the hull and installation of the propulsion system by STX at their new state-of-the-art facility in , , the to-be-named drillship will sail under its own power to the where Huisman will complete the installation and commissioning of the topside equipment. The delivered cost of the drillship, excluding capitalized interest, is estimated to be $585 million, with delivery scheduled for the second half of 2011.

13 Dec 2007

First ME-B Sees Light of Day

MAN B&W S40ME-B engine. The new engine has been built by STX Heavy Industries Co., Ltd. at its Changwon works to the south of the Korean peninsula, and passed its Type Approval Test. The 6S40ME-B is the first such prime-mover for a series of multipurpose vessels of 25,000 dwt currently being built in China by Shandong Huanghai Shipbuilding Co. Ltd., and ordered by shipowner InterShip Navigation of Cyprus. The engine delivers 6,810 kW at 146 rpm with an MEP of 21 bar. The ME-B design is based on the experience gathered from MAN Diesel’s existing MC-C and ME-C engine ranges. To suit the small-bore segment, the ME-B design uses a camshaft-operated exhaust valve and an electronically controlled fuel-injection system as seen with the ME-C range.

21 Nov 2007

STX Shipbuilding Shares Falls

STX Shipbuilding Co., the world's fifth-largest shipyard, fell the most in two months in Seoul trading after six executives at a unit were indicted for stealing technology from a rival. The shipbuilder's shares dropped 7.3 percent to 53,000 won at the close. The stock has fallen about a third since Nov. 8, the day before prosecutors detained two of the six executives. The six executives took files with them when they left Doosan Heavy Industries & Construction Co. to join STX Heavy Industries Co., said the official in charge of the case at the prosecutors' office in Seoul. STX Corp., the shipbuilder's biggest shareholder, declined 7.2 percent to 88,200 won. Doosan Heavy gained 0.7 percent to 139,000 won after falling as much as 9.1 percent. Source: Bloomberg

04 Apr 2007

STX Targets $3b Sales in 2012 at Chinese Shipyard

South Korea's STX Shipbuilding Co., said that its shipyard to be built will post $3b in sales in 2012, similar to that of its shipyard in Jinhae, South Korea. During a ground-breaking ceremony for the shipyard, Kang Duck-soo, chairman of STX Group, said its $500 million project to build the first South Korean-owned shipyard in China by the end of 2008 will help the company emerge as a global shipbuilder. STX Shipbuilding and its affiliate, STX Corp., will build the yard that constructs bulk carriers and smaller-sized chemical vessels. So far, the shipbuilder has won $1.1 billion worth of deals to build bulk carriers and other ships here.