Fincantieri Completes Acquisition of STX OSV (Norway)

Fincantieri Completes Acquisition of STX OSV (Norway)

Fincantieri, through its wholly owned subsidiary Fincantieri Oil & Gas S.p.A., has successfully completed the acquisition of 50.75% of STX OSV from STX Europe, at a price of SGD 1.22 per share, totalling approximately Euro 455 million (approximately SGD 730 million).

In compliance with the rules of the Singapore Code on Take-overs and Mergers, Fincantieri Oil & Gas S.p.A. has also announced its firm intention to make a mandatory unconditional cash offer for the remaining shares at a price of SGD 1.22 per share. The offer must be kept open for a minimum of 28 days from the date on which the offer document which sets out the terms and conditions of the mandatory unconditional general offer is dispatched by Fincantieri Oil & Gas S.p.A., which is expected to occur within the next two or three weeks.

The total value of the transaction, including both the acquisition of the 50.75% stake and the mandatory unconditional 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.

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, 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.

Fincantieri, January 23, 2013

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