Post Reply
5361-5364 of 5364
| STX OSV to Double Brazil Shipyard Capacity on Petrobras Oil-Drilling Plans By Kyunghee Park - Nov 14, 2010 STX OSV Holdings Ltd., the world’s biggest maker of specialized offshore support vessels, plans to double production capacity in Brazil as the country’s state-run oil company develops new fields. The builder of rig-support vessels intends to construct a second yard in Pernambuco, northeast Brazil, which will start production in 2012 and begin deliveries the following year, Chief Executive Officer Roy Reite said in a Nov. 12 interview. The company has orders for eight ships to be built at the new facility. “Brazil is the fastest growing offshore market in the world,” Reite said in Singapore. “We have been there for nine years and we have Brazilian partners, so we know this market very well.” STX OSV last week raised S$257.3 million ($199 million) in a Singapore initial public offering to pay for expansion plans, including the new Brazil yard. Keppel Corp. and Sembcorp Marine Ltd., the world’s two biggest makers of shallow-water rigs, are also adding facilities in the South American country as state- controlled Petroleo Brasileiro SA works through the world’s largest oil-exploration investment plan. Plans for the new yard were driven by Brazil’s local content requirements and the advantages of being in the country, said STX OSV Senior Vice President Holger Dilling. The Brazilian government has instructed Petrobras to use domestic suppliers to help boost the nation’s industrial development. “The Brazilian yard is solely for the Brazilian market,” Dilling said. “The growth potential is sufficient to accommodate both yards.” Anchor-Handling Tugs STX OSV expects to maintain its almost 50 percent share of the specialized high-end segment of the offshore support vessel market in Brazil, Reite said. These ships include platform supply vessels that are bigger than 4,500 deadweight tons and anchor-handling tugs that have more than 20,000 brake horsepower engines. The company is also developing deepwater vessels and ones able to work in harsher environments as oil companies widen their search for new fields, Reite said. “If you go into difficult areas, technology will be more important,” he said. “To create a ship that suits those difficult tasks is what we think will be the most important driver in the coming years.” The shipbuilder may consider acquisitions or ventures, he said, without elaboration. Surging Orders Rebounding oil prices have spurred investment in offshore vessels globally, helping Alesund, Norway-based STX OSV more than double orders this year. The company had won contracts worth 10.2 billion kroner ($1.7 billion) as of Oct. 5, compared with 4.46 billion kroner for the whole of last year. Its backlog reached 17.5 billion kroner, or about 18 months’ work. The company jumped 2.5 percent on its Nov. 12 trading debut to close at 81 Singapore cents. The shares were unchanged as of 9:23 a.m. today. STX Group of South Korea acquired the offshore-vessel builder through the takeover of Aker Yards ASA, which was completed in February, 2009. Aker, which also builds cruise ships, was subsequently renamed STX Europe ASA. Petrobras plans to spend $224 billion in the five years through 2014 to boost output and refining capacity, including buying drill-ships, semi-submersibles and offshore support vessels. The Rio de Janeiro-based company said it will revise its investment plan next year to include new oil reserves it bought from the government as part of a $70 billion share sale. |
Now near ipo price 79.5(Verses 79cts)..like its parent listed in sgx and went below ipo,but finally its parent at $13...wow
Nowadays most of the IPOs, have a certain pattern. Debut with high volume and above water and then become submarine thereafter.
