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Major Italian yard buys into Norwegian shipbuilder

The Italian shipyard Fincantieri has signed a contract for the purchase of 50.75 percent of the Norway-based company STX OSV (offshore vessel constructors), which makes Fincantieri one of the world’s five largest shipyards and the biggest shipyard in Europe.

The major Italian shipyard Fincantieri already owns 11 shipyards in Italy and the U.S., and has now bought 50.75 percent of STX OSV corresponding to a value of 900 million Euros. This will increase Fincantieri’s size to a total of 21 yards spread across three different continents, 20,000 employees, and a turnover of about 4 billion Euros. This doubles the size of the Italian shipyard, which is now among the world’s five largest shipyards and Europe’s biggest shipyard.

Through buying into the offshore segment, the shipyard group will be able to concentrate its efforts on several different segments and also compete with the leading Asian shipyards, writes Fincantieri in a press release.

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