STX Group’s Plan to Sell 20% Stake in STX OSV
In response to the various media articles relating to the STX Group’s plan to sell a 20 percent stake in STX OSV Holdings Limited ("STX OSV"), the Board of STX OSV understands after clarification with STX Europe Holding AS (“STX Europe”), that STX Europe is continually exploring opportunities in relation to any strategic option of its interests in its subsidiaries including, STX OSV. The Board of STX OSV further notes that STX Europe is subject to and understands that STX Europe will comply with a lock-up period for its interest in STX OSV which ends 12 months from 12 November 2010…
STX Europe Sells Shares in STX OSV Holdings Ltd.
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%.
Su-Jou Kim New President & CEO STX Europe
STX Europe AS appointed Su-Jou Kim as its new President and CEO. Su-Jou Kim will replace Sang-Ho Shin, and will start in his new position with immediate effect. Sang-Ho Shin joined STX Europe in September 2008, initially as COO, and since May 2009 as President & CEO. Shin has been appointed COO of STX Offshore & Shipbuilding and head of STX's shipbuilding operations in Korea. Shin will remain a Board member of STX Europe AS. Su-Jou Kim has held various management positions within the STX Business Group - most recently as Head of Business Development and Deputy President of STX Corporation. Mr Kim is well known with STX Europe since he spent significant amounts of time with the company in 2008, including holding the position of Chairman of STX Europe AS from September 2008 to March 2009.
France Buys into STX Europe
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.
STX Europe New Contracts, Island Offshore
STX Europe has entered into new contracts with Island Offshore for the building of two Platform Supply Vessels. The vessels will be built at STX Europe in Brevik, and are based on the same design as Island Commander and Island Chieftain delivered from STX Europe earlier this year. The vessels are scheduled for delivery in Q4 2011 and Q1 2012. The total value of the contracts amounts to approximately $137.5m. The vessels are of Rolls-Royce UT 776 CD design, and will be number five and six in this series delivered from STX Europe to Island Offshore.
STX Europe to Prepay Corporate Bond Due 2012
STX Europe AS ("STX Europe") has resolved to prepay its NOK 250 million senior unsecured bonds issue due 2012 according to its terms. The bonds are listed on the Oslo Stock Exchange under the ticker STX01 (ISIN NO0010566904). It is expected that the formal call-notice to the bondholders will take place shortly, and that repayment, including call premium and accrued interest, will be made with value on or about 19 August 2011. STX Europe will fund the repayment of the bonds from the STX Europe group's own resources, which will include the proceeds from the sale of 215,590,000 shares in STX OSV Holdings Limited (STX OSV) (see separate stock exchange release today).
STX Europe to Build LNG Powered PSV for Solstad
STX Europe has been awarded a contract with Solstad Rederi AS to build an innovative LNG-powered Platform Supply Vessel (PSV). The vessel is of STX Europe PSV 12 LNG design. The vessel is scheduled for delivery in Q4 2011. The value of the contract is approximately $67.5m. Roy Reite, President of STX Europe's Offshore & Specialized Vessels business area, said: "Today's order confirms our strong position in design and building of environmentally friendly vessels. We have…
STX Europe to Build Simon Møkster PSV
STX Europe has entered into a new contract with Simon Møkster Rederi for the building of a Platform Supply Vessel (PSV). The vessel is of STX Europe PSV 09 CD design, featured with the new environmental friendly hull lines optimized for eco-drive in all weather conditions. The vessel is scheduled for delivery in Q4 2011. Roy Reite, President of STX Europe's Offshore & Specialized Vessels business area, said "We look forward to continuing the good cooperation with Simon Møkster Rederi. The vessel is arranged for regular platform supply duties.
Shipbuilders STX Europe Report Good Earnings in Q2
STX Europe report increased operating revenues, but cruise & ferry sector showed lower than expected activity in Q2 2012. STX Europe achieved operating revenues of NOK 5 651 million in second quarter 2012, an increase of NOK 782 million compared to corresponding period 2011 (Q2 2011: NOK 4 869 million). Profit before tax for second quarter 2012 of NOK 370 million (Q2 2011: NOK 407 million). Second quarter shows satisfactory EBITDA results from STX OSV, whilst Cruise & Ferries business area is still experiencing lower than expected activity levels. STX Europe will continue to focus on securing new orders. STX Europe AS repaid about NOK 102 million (US$17million) of bank loan during Q2.
Aker Yards Now STX Europe
Aker Yards, builder of cruise and offshore vessels, changed its name to STX Europe. The name change reflects the entry of the South Korean-based STX Business Group as principal shareholder in the company during summer 2008. Effective Nov. 3, the international shipbuilding group Aker Yards, with head office in Oslo, Norway, and all its subsidiaries, will share the common brand STX Europe.STX Europe specializes in designing and building advanced cruise ships and purpose-built vessels for offshore oil and gas operations, and other specialized ships. All the largest cruise ships in the world were built or are currently under construction at STX Europe's yards.
STX Europe to Build PSVs for Rem Offshore
STX Europe has entered into new contracts with Rem Offshore for the building of two Platform Supply Vessels. The vessels are of STX Europe PSV 06 design. The vessels are scheduled for delivery in Q4 2011 and Q1 2012. The total contract value is approximately $113.9m. The new vessels are arranged for regular platform supply duties. The vessels are in particular designed for environmental friendly operations with focus on low fuel consumption, and in accordance with Clean Design requirements. The vessels will be prepared for catalytic reactor exhaust system for reduced emissions to air.
STX Europe Contracts with Siem Offshore
STX Europe has been awarded contracts with Siem Offshore for design and building of two Platform Supply Vessels. The vessels are designed by STX Europe in Ålesund and will be built at STX Europe in Brazil. The vessels are scheduled for delivery in Q2 2012 and Q2 2013. The total value of the contracts amounts to approximately $155.7m. The contracts are signed with Siem Consub SA in Brazil, a subsidiary of Siem Offshore. Roy Reite, President of STX Europe's Offshore & Specialized Vessels business area…
STX Europe, New Order from French Navy
STX Europe has, through its subsidiary STX France Cruise SA, signed a contract to build a third Projection and Command Vessel (BPC) for the French Navy. STX France Cruise SA, in which STX Europe holds a majority stake, is jointly owned by STX Europe, Alstom and the French Republic. STX Europe will build the platform and outfit the ship at its yard in Saint-Nazaire, France, and DCNS, its co-contractor, will produce its combat system. STX Europe, in charge of the overall coordination of the project for the industrial part, will build the whole of the propelled platform including the fitting out of equipment onboard. Once trials are completed…
STX Europe Sells Norwegian Shipyard
STX Europe AS sells STX Norway Florø AS and STX Norway Design Florø AS to Westcon Group AS. STX Europe completes the sale of all of the shares in its wholly owned subsidiaries STX Norway Florø AS and STX Norway Design Florø AS to Westcon Group AS. The order backlog of STX Norway Florø AS was NOK 59 million at the end of Q3 2012 and the order book consisted mainly of one offshore pipelay vessel, the "Deep Energy". STX Norway Design Florø AS is a subsidiary of STX Europe, situated at the Florø Yard.
STX Europe Contract for Eco-Friendly Design
STX Europe has been awarded a contract with Deep Sea Supply for design and building of a Platform Supply Vessel. The new PSV 09 CD design, optimized for eco-drive in all weather conditions, is designed by STX Europe in Ålesund, Norway. The vessel is scheduled for delivery in Q1 2012, and will be built at STX Europe in Brazil. The contract is signed with Deep Sea Supply Navegação Maritima Ltda. in Brazil, a subsidiary of Deep Sea Supply in Arendal, Norway. Roy Reite, President of STX Europe's Offshore & Specialized Vessels business area…
STX Europe Refinances Credit Facility
STX Europe has refinanced its revolving credit facility. The new facility is a 3 year financing of $86.8m, provided by Nordea. Woori Bank of Korea, is participating with 50 percent. "For a capital intensive industry like ours, where we continuously take on and complete new shipbuilding projects, the ability to constantly renew our financial platform is important. I am pleased to see that we have been able to work with and secure this significant credit facility in October, while there has been much focus on the international financial turbulence. I believe that our ability to finalize this transaction is an illustration of the importance of close and long-term relationship with financial institutions…
STX Europe Delivers Passenger Ferry for Brittany Ferries
Car-passenger ferry Armorique was delivered on Jan. 26 from STX Europe's Helsinki yard in Finland to the French operator Brittany Ferries. The vessel is worth approximately 110 million euro and has given some 700 manyears of work for the yard. The new type of ferry has been developed by STX Europe in close cooperation with Brittany Ferries. She will be particularly fuel efficient as well as environmentally-friendly by keeping CO2 emissions to a minimum. The vessel is designed to carry passengers, cars and road cargo vehicles between France and the United Kingdom.
Roadships Holdings Engages STX Marine
Roadships Holdings Inc., a USA company listed on Nasdaq (OTC:RDSH) is announced the decision of its Board of Directors to engage STX Marine to update the design of its Roadships High Speed Monohull to be fuelled by Liquid Natural Gas. An amendment to the Commercialization Agreement contract between Roadships and STX was signed giving effect to the change. The announcement follows confirmation of STX Canada Marines parent company STX Europe earlier this month of its commitment to reduce the environmental impact of the marine ship industry. STX Europe comprises 15 shipyards in Finland, France, Norway, Romania, Brazil and Vietnam. According…
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.
NCL Halves Cruise Ship Order
According to a Reuters report, Star Cruises unit Norwegian Cruise Line (NCL) has cancelled its order for a second F3 cruise ship from shipbuilding group STX Europe, but will move ahead with the first order, STX said on Dec. 18. This 150,000 ton F3 cruise ship, which will be built by STX Europe's French shipyard, will carry a total of 4,200 passenger. Delivery is expected in late May 2010, as originally scheduled. (Source: Reuters)
STX Europe to Build Special Purpose Vessels
STX Europe has, through its wholly owned subsidiary STX Norway Offshore AS, signed contracts for building of three special purpose vessels for a new foreign client. The vessels will be delivered in Q4 2011, Q2 2012 and Q3 2012. The vessels are designed to satisfy the general requirements of salvage, rescue and towing operations including fire fighting and pollution prevention. The vessels will have a length of 282 ft a beam of 57.4 ft. The hull will be built at STX Europe in Romania, and outfitted at STX Europe's yard in Brattvaag, Norway.
Q2 2009, Strong Improvement in OSVs
STX Europe AS reported an EBITDA result for the Group of $12.3m for the second quarter of 2009, up from $11.08m in the corresponding period last year. With improved cost control and overall satisfactory operational performance, the business area Offshore & Specialized Vessels reported strong progress in the quarter with an EBITDA result of $25.3m, up 228 percent from the same period last year. Overall, activity levels remained high during the quarter, with the successful delivery of eleven vessels. In general, operations at the yards have progressed according to plan. During the first six months of 2009, STX Europe delivered a total of 22 vessels, of which eleven were delivered in the second quarter.
STX Europe Delivers Cruise Ferry for Tallink
On Thursday 16 April 2009, STX Europe delivered from its Rauma yard the fifth cruise ferry for Tallink, the Baltic Queen. The vessel is worth $233.6m. The vessel will start operations between Stockholm - Tallinn route on 24 April 2009, replacing the M/S Romantika. The queen is the sistership for the Baltic Princess, handed over from the Helsinki shipyard in July 2008. The queen is the fifth sophisticated cruise ferry STX Europe has delivered for Tallink. In total, STX Europe has built six ferries for Tallink…