Fincantieri to Take Controlling Interest in STX Offshore

December 20, 2012

Fincantieri signs agreement for the acquisition from STX Europe of 50.75% of STX OSV, leading offshore vessel constructors.

With 21 shipyards in 3 different continents, nearly 20,000 employees and revenues of Euro 4 billion, the Fincantieri Group is doubling its size.

Fincantieri now becomes one of the top five shipbuilders worldwide and the leading Western producer, also in terms of diversification and presence in the high value added segments, and is capable of competing with the Asian giants.

The total value of the transaction, including both the acquisition of the 50.75% stake and the mandatory cash offer, will amount to approximately Euro 900 million (approximately SGD 1,450 million). It will be financed mainly from Fincantieri's internal resources and with a syndicate loan provided by a pool of banks (Banca IMI, BNP Paribas - Italian branch, Carige, Unicredit) and by Cassa Depositi e Prestiti as a lender guaranteed by SACE.

STX OSV has approximately 9,200 employees and 10 shipyards around the world (5 in Norway, 2 in Romania, 1 in Vietnam and 2 in Brazil, of which one is currently under construction). In the past three years it has generated average revenues of approximately Euro 1.6 billion and EBITDA of approximately Euro 190 million. At the end of the 2012 third quarter its order backlog was Euro 2.1 billion.

"Today marks the beginning of a new era for Fincantieri," said Giuseppe Bono, CEO of Fincantieri. "In fact, the acquisition of STX OSV will further enhance our position as a leading international competitor. This will strengthen Fincantieri's commitment to pursuing a strategy of diversification and development in order to retain our long-term competitiveness and generate important positive impacts for our Italian assets."

Related News

Oil Spill Contained After Barge Slams Bridge in Galveston No Shortage of Good Ideas to Address the Mariner Shortage Houthis Claim More Ship Attacks, Targetting US Warship and Merchant Vessel Silversea Takes Delivery of New Cruise Ship Silver Ray UK Confirms It Will Build Six New Warships