Stx Osv News

The Annual Meeting of ASSONAVE, the association of Italian shipbuilders, ship-repairers and producers of marine components and systems took place in Rome recently, chaired by its President, Vincenzo Petrone. The Association explains that this was the first meeting to take place after it expanded its membership to include major companies such as Elettronica, Oto Melara, RINA Services, Selex ES and WASS – all operating in high- technology sectors – and welcomed the Federazione del Mare, representing the Italian maritime cluster, as member of its Executive Committee. A report received by the meeting paints a picture of an increasingly global…

March 2013 saw Rolls Royce collect the Green Ship Technology Award at the Green Ship Technology Conference in Hamburg for its Environship concept, which has lean burn Bergen Engines gas power units at it core. The Environship combines a range of Rolls Royce technologies (Bergen Engines is a subsidiary business) in a cargo ship model that, set against comparable vessels using diesel power engines, offers CO2 reductions of up to 40% (alongside 92% reductions in NOx and 100% less SOx emissions).

Shipbuilders & designers STX OSV adopt new brand name following sale of STX Europe’s majority stake in the company to Fincantieri Oil & Gas. Chief Executive Officer and Executive Director of VARD, Roy Reite, said, “I am excited to announce that VARD will be our new name. It conveys a sense of stability and strength, relevance and flexibility. More importantly, it reflects our long-standing Norwegian heritage, as well as our leading position within the offshore and specialized vessels industry globally.

Shipbuilders, Fincantieri, publish its 2012 financial results; announce resignation of Chairman Corrado Antonini. ·         Order portfolio at euro 7,817 million (euro 8,361 million in 2011). Commercially, Fincantieri succeeded in making the best of the available opportunities, finalizing agreements for new orders, including options, worth a total of euro 6.5 billion. This figure includes euro 1.4 billion in finalized contracts, while the remaining agreements are all subject to finalization of the related financial packages. In particular, in the merchant vessels business unit, contracts were signed for the construction of two cruise…

DOF Subsea Group has contracted with STX OSV for the construction of an Offshore Subsea Construction Vessel (OSCV). The new ship will be of OSCV 12 design, developed by STX OSV with a total length of about 161 meters and a beam of 32 meters. Delivery is scheduled in the first quarter of 2015. The DOF Subsea Group is a specialist subsea service business that provides subsea construction, subsea engineering, inspection, repair and maintenance and survey services which involve complex and challenging engineering in an international environment.

Farstad Shipping ASA subsidiary, Farstad Supply AS, contracts with STX OSV AS for an Offshore Subsea Construction Vessel (OSCV). This new building is part of Farstad Shipping's expansion into the subsea market and represents an investment of approx NOK 825 mill. Delivery of the vessel is due to take place in the first quarter of 2015. The vessel is a STX OSV OSCV 07 design OSCV  and is designed for subsea and IMR operations (Inspection, Maintenance and Repair). The vessel has a total length of 143 meters, beam of 25 meters and a deck area of more than 1,800 m².

In the cruise ship sector, the Fincantieri name is no stranger, having since the early 1900s built some of the most appreciated liners, including the legendary transatlantic Rex, built in Genoa, winner of the Blue Riband in 1933. Nowadays, cruise remains its core and Fincantieri is famous for its gigantic cruise ships; in 2013 the company delivering three. But it has diversified in recent years to ensure its future. Recent studies calculate that the European shipbuilding industry can count approximately on the 7% of new global orders…

Fincantieri subsidiary Fincantieri Oil & Gas S.p.A., completes acquisition, intend to buy more shares. This acquisition marks Fincantieri's entry into a market segment complementary to its current ones. With 21 shipyards in 3 different continents, nearly 20,000 employees and revenues of Euro 4 billion, Fincantieri Group will double its size to become the fifth largest shipbuilder worldwide behind four Korean peers, and the only Western producer capable of competing with the Asian giants thanks to its diversification and presence in all of the high value added segments. STX OSV, listed on the Singapore Stock Exchange and world leader in the construction of offshore support vessels for oil and gas extraction and production…

STX OSV Holdings Limited say Tidewater Inc. has acquired contracts for 3 Platform Supply Vessels (PSVs) under construction at STX OSV in Norway. STX OSV had originally secured the contracts for the design and construction of three vessels for STX Pan Ocean Co. Ltd. in 2010, and Tidewater has now entered into an assignment agreement with STX Pan Ocean to take over these contracts. The first vessel in the series will be delivered to Tidewater during 1Q 2013. Deliveries of the next two vessels are scheduled for Q2 and Q3 2013. Mr. Roy Reite, Chief Executive Officer and Executive Director of STX OSV, said, “STX OSV has in the past delivered ten offshore vessels to Tidewater. The vessels are of STX OSV PSV 09 design, developed by STX OSV Design in Ålesund, Norway.

Korea-based conglomorate STX saw tough times the past year due to severe cash shortage, but is seeking a turnaround in 2013 after offloading some assests. Market analysts have mixed views for STX. Some say that its bold move will help the conglomerate get back on track, while others counter that it will continue struggling to stay afloat due to the unfavorable business environment, reports 'The Korea Times'. The corporation has raised 1.12 trillion in cash by selling its stakes in European affiliate  STX OSV  to Italian shipbuilder Fincantieri SpA for 768 billion won and STX Energy to Japan’s Orix for 360 billion won. The group also plans to sell its stake in STX Pan Ocean, the nation's leading bulk carrier.

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).

College students from three different schools in the Ålesund region of Norway make familiarisation programme visit to Ulstein Group. The students are participants in the “Motivational course”, a cooperation between ULSTEIN, STX OSV, Rolls-Royce Marine and NCE Maritime, whose  purpose is to motivate youths for engineering studies. The Motivational Course has been arranged for 13 years, and results show that about 50% of the participants later choose to become engineers. For four days…

Cruise & Ferries remain challenging. STX Europe achieved operating revenues of NOK 4 480 million in third quarter 2012, a decrease of NOK 763 million compared to corresponding period 2011 (Q3 2011: NOK 5 243 million). Profit before tax for third quarter 2012 of NOK 250 million (Q3 2011: NOK 535 million). Third quarter shows that healthy EBITDA results continue from STX OSV, while the result of Cruise & Ferries business area is not satisfactory due to lower than expected activity levels. STX Europe AS received interim dividend of NOK 364 million in September from STX OSV. STX Europe AS repaid about NOK 184 million (US$32 million) of bank loan during Q3.

Siem Offshore declares contract options for STX OSV Holdings to design & construct two Offshore Subsea Construction Vessels (OSCV). The vessels will be equipped with a 250t AHC crane and with Launch and Recovery Systems (“LARS”) for Remotely Operated Underwater Vehicles (“ROV”). Deliveries are scheduled from STX OSV Brattvaag in Norway in 2Q 2014 after the delivery of the hulls from STX OSV Tulcea in Romania. STX OSV already has two OSCVs under construction for the same customer in Norway, and two Platform Supply Vessels (“PSV”) in Brazil. Siem Offshore Inc. is an owner and operator of modern support vessels for the global oil and gas service industry. Siem Offshore Inc. currently has a fleet of 37 vessels in operation and 8 vessels under construction.

STX OSV Holdings Limited wins contract for design and construction of a cable laying vessel for an international client. The vessel will be of STX OSV’s own CLV 01 design with delivery scheduled from STX OSV in Norway in 3Q 2014. The hull of the vessel will be delivered from STX OSV Tulcea in Romania for fitting out in the Norwegian shipyard. The contract price exceeds NOK 450 million. STX OSV Holdings, headquartered in Norway, is together with its subsidiaries, one of the major global designers and shipbuilders of offshore and specialized vessels used in the offshore oil and gas exploration and production and oil services industries.

Offshore Service Vessel 'Far Skimmer' delivered from STX OSV Vung Tau in Vietnam to Farstad Shipping Pte. Ltd. in Singapore. Upon arrival in Australia, the vessel will commence its long term commitment to Shell Australia related to their Prelude drilling campaign. A long-term facility has been drawn with Nordea Bank to finance the vessel. Farstad Shipping Pte. Ltd. in Singapore, is a wholly owned subsidiary of Farstad Shipping ASA. Farstad Shipping's fleet currently consists of 55 vessels (29 AHTS, 23 PSV and 3 SUBSEA) and 6 PSV and 4 AHTS under construction.

Rolls-Royce has been awarded a £15 million contract by STX OSV to supply an extensive deck equipment package for an advanced anchor handling vessel to be operated by Iceman AS. The package, which is designed to improve operational safety, will include a new anchor handling frame (AHF) and a hydraulic anchor winch, which is capable of pulling 500 tonnes. It will also feature anchor handling cranes and systems to ensure controlled management of wires and chains when pulling heavy loads. Arne Tande, Rolls-Royce, Senior Vice President - Offshore Deck Machinery said: “This latest contract cements Rolls-Royce’s position as the market leader in anchor handling equipment.

The ship was delivered in March this year, while her sister vessel will be delivered later this month. “To be nominated, the ship must be delivered during 2012, but the degree of innovation is the main criterion to win the the award,” says Asle Strønen, member of the jury. The purpose of the Award is to honour innovation and development in ship building, operation and ownership, and to contribute to positive attention nationally and internationally in an industry that is very important for Norway as a nation.

Ocean Installer and Solstad Offshore ordered a large, advanced construction support vessel (CSV). The vessel will be delivered in Q2 2014 and is to be operated by Ocean Installer. The contract is subject to GIEK (“Garanti-instituttet for eksportkreditt”) board approval (June 20th 2012). The vessel, of type OSCV 06L, has been designed by shipbuilder STX OSV and Solstad, in close cooperation with Ocean Installer. This combination has resulted in one of the most advanced CSVs built to date. The vessel is equipped with a 3000t carousel, a 400t active heave compensated (AHC) crane and launching systems for Remotely Operated Vehicles (ROVs) (LARS). The vessel will be delivered with a 150t Vertical Lay Spread System (VLS) priced at 200 million NOK.

Troms Offshore has entered into a Letter of Intent with STX OSV who in turn have nominated STX OSV Aukra to build a PSV 07 design ship to service the charter with Statoil. The ship will be delivered from STX OSV Aukra shortly before or shortly after year end 2013. PSV 07 is a new innovative design developed by STX OSV and is a larger version of the well proven PSV 09 design. The vessel will be a Clean Design environmentally friendly diesel-electric ship with focus on low fuel consumption and low emission of greenhouse gases.

The offshore support-vessels builder has outperformed the FTSE Straits Times Oil and Gas Index, of which it is a component, making year-to-date returns of 38.8 per cent compared with the index's 16.8 per cent, reports 'Sgmarine Industries'. First and foremost, STX is in the right place at the right time, with the conventional shipbuilding sector having taken a hammering because new ships are no longer being ordered. STX OSV, however, has been incredibly blessed with orders. Vessels built by STX OSV are tied to the oil-and-gas industry, which is in the midst of expanding into deeper-water exploration as shallow water or land sources of energy dry up.

Platform Supply Vessel (PSV) 'Far Scotsman' delivered from STX OSV Langsten shipyard to Farstad Shipping Ltd. The vessel is of PSV 08 CD design, developed in close co-operation between STX Europe and Farstad Shipping. Far Scotsman will trade the spot market in the North Sea. Eksportkreditt Norge AS  financed the vessel in cooperation with DNB Bank ASA, GIEK and SpareBank 1 SMN. Farstad Shipping's fleet currently consists of 54 vessels (29 AHTS, 22 PSV and 3 SUBSEA) with 7 PSV and 4 AHTS under construction.

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.