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

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2017 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Maritime Information Warfare 2017

Maritime Information Warfare will focus on the growing need for navies to develop their information exploitation capabilities…

read more >

INTERNATIONAL GREEN SHIPPING AND TECHNOLOGY SUMMIT

The Summit will gather key marine experts and companies around the globe which have a big influence in the industry…

read more >

The CWC 18th Annual World LNG Summit & Awards Evening

The CWC World LNG Summit will continue to give you access to premium networking opportunities as it brings together the who’s who…

read more >

Marintec China 2017

The largest maritime event in Asia Pacific, Marintec China connects maritime professionals from the entire shipbuilding supply chain together.

Over the years, Marintec China has grown to reflect the size and importance of the Asian maritime market. 2015 event is another record-breaking edition with the largest exhibition area and the highest number of industry professionals attending ever. The encouraging figures proven that China remains one of the major shipbuilding nations and Marintec China has been the most authoritative platform in Asia.

With the maritime industry facing great opportunities but also many challenges, it is important for the industry to connect and engage more to ultimately win new business in globally-significant markets. A visit to Marintec China is a great way to learn about the latest technology and innovation of the supply industry, a platform for industry professional to meet face to face, make connection and do business.

Marintec China is poised to be the definitive event and is undoubtedly a must-attend for all involved in the maritime industry.

Marintec China will be held from 5 to 8 December 2017 at the Shanghai New International Expo Centre in Shanghai, China and continue its dedication to serve as the “LEADING” platform “CONNECTING” the community and “STRENGTHENING” the maritime industry.

Marintec China offers the perfect opportunity for companies serving the maritime market to showcase their innovations, products and services to a wide audience. A platform for face to face meetings in business, creating new relationships and consolidating existing ones.

More info

read more >