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With 21 shipyards in 3 different continents, nearly 20,000 employees and revenues of Euro 4 billion, the Group is doubling its size. Fincantieri becomes 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 is capable of competing with the Asian giants. Compared with the other four top producers, all of which are Korean, the Fincantieri Group boasts a leadership position in all the maritime high-tech sectors, and is enriching its product portfolio with this entry into the offshore oil & gas market. The terms of the agreement have been approved by the Boards of Directors of Fincantieri and STX Europe. Under the transaction Fincantieri will buy, through its wholly owned subsidiary Fincantieri Oil & Gas S.p.A., 50.75% of STX OSV at a price of SGD 1.22 per share, totalling approximately Euro 455 million (approximately SGD 730 million). The offer price represents a discount of 12.9% to the closing price on 20 December, equal to SGD 1.40 per share, and of 17.5% to the weighted average price of the past three months, equal to SGD 1.48 per share. The closing of the acquisition will take place within the first four months of 2013 after the conditions precedent have been satisfied. Once these conditions precedent are satisfied, Fincantieri Oil & Gas S.p.A. will launch a mandatory cash offer for the remaining shares, in compliance with the rules of the Singapore Code on Take-overs and Mergers. The total value of the transaction, including both the acquisition of the 50.75% stake and the mandatory 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. STX OSV 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 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. This acquisition marks Fincantieri's entry into a market segment complementary to its current ones. The development of synergies with Fincantieri’s existing businesses will allow an increase in production volumes, that will be beneficial not only for employment levels across the Group but also for Italy’s entire production system. "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." Bono concluded: "I'm sure this is the right way forward to optimize our global leadership position in the high value-added end of the shipbuilding industry and to establish ourselves as champions of the Western world. This transaction is a source of pride for all Fincantieri's employees and business partners." Fincantieri is one of the world's largest shipbuilding groups, which in over 200 years of maritime history has built more than 7,000 vessels. It is world leader in cruise ship construction and a reference player in other sectors, from naval vessels to cruise ferries, from megayachts to special high value-added vessels, and ship repairs and conversions. Headquartered in Trieste, the Group has a total of nearly 10,000 employees and in Italy alone it has eight shipyards and two design centres, one in Trieste, the largest in Europe, and the other in Genoa. Fincantieri operates in the United States through its subsidiary Fincantieri Marine Group (FMG). This company, which serves both civilian and government customers, including the U.S. Navy and Coast Guard, has three shipyards (Marinette Marine, Bay Shipbuilding, Ace Marine), all located in the Great Lakes region. Fincantieri is present in the UAE with Etihad Ship Building, a joint venture set up with Melara Middle East and Al Fattan Ship Industries, to design, produce and sell different types of civilian and military ships as well as perform maintenance and refitting activities. Since 2002 Fincantieri has built or has orders to build 104 ships, worth a total of Euro 24 billion, and has developed dozens of prototypes in the various business segments in which it operates. STX OSV employs approximately 9,200 people and operates through 10 shipyards around the world (5 in Norway, 2 in Romania, 1 in Vietnam and 1 in Brazil due to be joined by another currently under construction in this country). In the past three years it has generated average revenues of approximately Euro 1.6 billion and EBITDA of approximately Euro 190 million and at the end of the third quarter of 2012 its order backlog stood at Euro 2.1 billion. It is one of the main players in the segment of highly advanced offshore support vessels. In particular, it is one of the world’s most important producers of Anchor Handling Tug Supply Vessels (AHTS), Platform Supply Vessels (PSV) and Offshore Subsea Construction Vessels (OSCV). It is also one of the top builders of research, coastal patrol, seismic survey and ice-breaking vessels. The directors of Fincantieri Oil & Gas S.p.A. (including any who may have delegated detailed supervision of this Press Release) have taken all reasonable care to ensure that the facts stated and all opinions expressed in this Press Release are fair and accurate and that no material facts have been omitted from this Press Release, and they jointly and severally accept responsibility accordingly. Where any information has been extracted or reproduced from published or otherwise publicly available sources (including, without limitation, in relation to STX OSV Holdings Limited), the sole responsibility of the directors of Fincantieri Oil & Gas S.p.A has been to ensure through reasonable enquiries that such information has been accurately and correctly extracted from such sources or, as the case may be, reflected or reproduced in this Press Release. Fincantieri press release |
