British fund eyes STX yards

Yonhap, South Korea’s official newswire, is reporting an unnamed British investment fund has submitted a letter of intent to a court in Seoul to buy STX Offshore & Shipbuilding and its yard in France.

The fund, whose investments include a number of cruise-related businesses, has reportedly tabled a $852m bid to take the Korean yard as well as a 66.7% stake in STX France.

All bids for the STX yards have to be submitted in a fortnight’s time.

Last week, a Seoul court approved a plan to resuscitate the yard after which senior management has set about rousing the sales and marketing team to pitch for new orders having had a very barren 2016 to date.

Dutch firm Damen and Italy’s Fincantieri have been linked with taking over cruiseship builder STX France in recent months.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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