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Four Bids for STX Offshore, STX France Emerge

Maritime Activity Reports, Inc.

November 4, 2016

Four parties have expressed interest in buying one or both of South Korea's STX Offshore & Shipbuilding Co Ltd and a controlling stake in STX France SA, a spokesman for the Seoul court overseeing STX Offshore's receivership said on Friday.

The Seoul Central District Court spokesman declined to comment on the names of the parties.

The South Korean court in October decided to allow the two units of the collapsed STX shipbuilding group to be sold either separately or together.

Initial bids were due on Friday for all of STX Offshore & Shipbuilding Co Ltd and a 66.7 percent stake in STX France SA that is held by STX Europe AS.

The four parties that entered non-binding bids in the sale were France's DCNS Group, Italy's Fincantieri SpA and Netherlands' Damen Shipyards, and a fourth non-Korean bidder, South Korean M&A publication Market Insight reported earlier on Friday, citing unnamed investment banking sources.

France's Industry Minister Christophe Sirugue confirmed to Reuters that there had been four offers, including at least two from Europe.

Spokesmen for STX Offshore and DCNS declined to comment. Spokespersons for Damen and Fincantieri could not be immediately reached for comment.

There isn't a high chance that both will be sold together as potential buyers are only interested in STX France, the Korean media report said.

The French business, which specialises in building cruise ships at its former naval yard in Saint-Nazaire and is profitable, is expected to attract buying interest, said analysts. (Reporting by Joyce Lee

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