Fincantieri to acquire STX OSV

21 Dec 2012
Fincantieri claims leadership in the world high-tech shipbuilding market, following an agreement to acquire a majority holding in STX OSV

Fincantieri claims leadership in the world high-tech shipbuilding market, following an agreement to acquire a majority holding in STX OSV

Fincantieri says that it is set to double in size, following the signature of an agreement with STX OSV under which the Italian shipbuilding group will acquire a majority shareholding in STX Europe subsidiary STX OSV.

STX OSV is headquartered in Norway and listed on the Singapore stock exchange. It has around 9,200 employees and 10 shipyards world wide – five in Norway, two in Romania, one in Vietnam and two in Brazil, one of which is currently under construction. Fincantieri has 11 yards, including two in the USA, and about 9,600 employees.

Under the terms of the agreement, Fincantieri, through its wholly owned subsidiary Fincantieri Oil & Gas, will acquire 50.75% of STX OSV shares, in a deal worth some €900 million, financed through Fincatieri’s own resources along with a syndicate loan provided by a pool of banks (Banca IMI, BNP Paribas, Carige and Unicredit) and Cassa Depositi e Prestiti. The terms of the agreement have been approved by the boards of Fincantieri and STX Europe.

The Italian group says that the deal will make it 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 give it the capability to compete with the Asian giants. Compared with the other four top producers, all of which are Korean, the Fincantieri Group now claims a leadership position in all the maritime high-tech sectors, having enriched its product portfolio with this entry into the offshore oil and gas market sector.

"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."

Roy Reite, CEO of STX OSV, said, “We look forward to the cooperation with our new majority shareholder. As always, we remain focused on maintaining stable relationships with our clients, suppliers and other stakeholders. STX OSV will continue to develop its position in designing and building high-end, complex and customised offshore support vessels.”

Links to related companies and recent articles ...

Fincantieri SpA

view more

STX Europe

view more