Fincantieri Among Bidders for STX OSV Stake Auction

Fincantieri SpA, Italian government-owned shipbuilding company, is among the players that are fighting for a controlling stake in Singapore’s STX OSV Holdings.

STX OSV, offshore oil and gas exploration shipbuilder, has a market value of about $1.6 billion. South Korea's STX Corp has put its 50.75 percent stake in STX OSV, valued at about $800 million, on the block and hired J.P. Morgan and Standard Chartered to find a buyer, according to Reuters.

The corporation is reportedly putting the stake up for sale in an effort to recover its financial organization. Company officials claim that a deal could be reached as early as next month.

Although Fincantieri has released no official statement, the corporation generated $3.1 billion in revenue in 2011 and more than 10 million in net profit.

Industry officials are somewhat perplexed as the two entities have very little in common; they operate in different areas of the shipping and offshore markets, and service different clients. However, STX OSV probably remains attractive valued at this level, and potential buyers will gain access to STX OSV's recognized offshore products.

Reuters also reports that Sembcorp Marine, the world's second-largest rig-builder, is also considering bidding for the stake.

Photo (thumb): STX OSV FV 01