Non-appearance by STX Europe adds fuel to speculation

Speculation continues in the industry about the state of the Korean-owned STX Europe (formerly Aker Yards) after the company pulled out of a planned pre-NorShipping press conference due to be held today (8 June) in Oslo. This follows the surprise departure of president and CEO Torstein Dale Sj?tveit last month and the announcement last week that the German Wadan Yards, which is jointly owned by STX Europe and FLC West of Russia, had filed for bankruptcy.

Meanwhile, reports say that STX Europe is to seek a listing on a European stock exchange later this year, and other parts of STX are to similarly seek institutional investment in their home countries, while the group?s supplier of marine engines, STX Engine, its focus to land plant construction and other engineering projects.

Wadan Yards, which has shipyards in Wismar and Rostock-Warnemünde will continue to work on 12 ship orders which are currently under construction. The company has recently received considerable state aid.

Not all is bad news for STX Europe however. Recently the offshore support ship Far Samson, said to be the most powerful offshore vessel yet built, won a Ship of the Year award. The ship was built by STX Europe in Norway to the Rolls-Royce UT 761 CD design. And at STX Europe?s Saint-Nazaire yard in France, construction of NCL?s largest cruise ship Norwegian Epic reached a significant stage with the fitting of the final superstructure module, comprising the ship?s two funnels and HVAC unit.