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Marine Log

August 18, 2008

STX unveils Aker Yards plans

Soon, the only shipyard with "Aker" painted on its gantry crane will likely be the one in Philadelphia.

STX Norway AS and its financial advisors ABG Sundal Collier today announced that STX Norway AS now controls 88.37 % of the total outstanding shares and votes in Aker Yards.

Meantime, in Korea STX Group reportedly announced plans to rename the company STX Europe ASA, with a primary focus on the offshore sector, and to rename its French unit STX France Cruise SA, with a focus on the cruise and defense businesses. Splitting off the French operations is in line a partnership agreement signed by in June by French Prime Minister Francois Fillon and STX chairman Kang Duk Soo that will see the French Government take a stake of up to 9% in Aker Yards' French yards.

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