By
Rebecca Gibson |
Fincantieri has diversified its activities into the offshore industry for the first time though the acquisition of 50.75 per cent of STX OSV from STX Europe at a price of SG$1.22 per share, costing approximately €455 million, or SG$730 million.
The purchase was undertaken by Fincantieri’s subsidiary group, Fincantieri Oil & Gas SpA, which will also make a mandatory unconditional cash offer for the remaining shares at a price of SG$1.22 per share. The total value of the transaction will be around €900 million, which is approximately SG$1,450 million.
The Fincantieri Group currently has 21 shipyards in three different continents and will double its size to become the world’s fifth largest shipbuilder through the acquisition. STX OSV was established for the construction of offshore support vessels for oil and gas extraction and production. It is listed on the Singapore stock exchange and has 10 shipyards around the world, one of which is still under construction in Brazil.