STX Pan Ocean gets into OSV market

Singapore-listed dry bulk and containership operator STX Pan Ocean Co., Ltd. is getting into the offshore service vessel market.

In material released with its second quarter results, the company says that with high growth potential for the offshore drilling industry, "a full fledged rebound of the PSV market is anticipated."

The company is putting its first toe in the water with an order for three 4,700 dwt PSV's.

In a Singapore Stock Exchange announcement, it said it had entered into a shipbuilding contract for the three vessels today. It is paying $160 million for the trio with deliveries in 2012 and 2013. The shipbuilder was not disclosed. The photograph on this page is taken from the STX Pan Ocean second quarter investment presentation. It may give some indication of the design -- or it may be just a generic illustration.