STX OSV lead bidder 'set to be named'

Hardware: STX offshore vessel

STX OSV

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By Steve Marshall and news reports

 15 May 2012 15:18 GMT

A “preferred bidder” for the STX OSV offshore vessel fabrication group is set to be unveiled soon, with Italian shipbuilder Fincantieri a leading contender, according to a report.

South Korea’s STX Group is looking to offload its 51% stake in the fabrication subsidiary, which has a network of yards in Norway, Romania, Vietnam and Brazil, as part of a financial restructuring.

A pairing of Fincantieri and US-based equity firm Carlyle is pitted against Singaporean yard group Keppel in the contest to be the leading bidder, South Korea’s MK business news site reported STX as stating.

Singapore-listed STX OSV has earlier been reported to have a market value of $2 billion, with the stake said to be worth about $809 million.

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