AsiaShipyards

STX Offshore & Shipbuilding to slash a third of its workforce

STX Offshore & Shipbuilding will shed a third of its workforce and sell its cruise shipbuilding subsidiary in France. Officials from the yard attended a bankruptcy court hearing on Friday to outline its restructuring plans.

In total, 2,090 staff will be axed in the coming month, the yard said.

STX’s creditors will decide in October whether to accept STX’s restructuring plan. If the plan is rejected, the company would be liquidated.

The sale of STX France has been tricky, with a number of sale attempts failing, but the Wall Street Journal is now tipping German yard Meyer Werft, which has acquired STX Offshore’s facilities in Finland, as a potential buyer.

STX Dalian, a giant yard in northeast China, has failed to sell on numerous attempts too.

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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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