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Old 06-Nov-2010, 07:07 AM
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Default Vard (fka STX Osv)

*_STX OSV to raise $257m in Singapore share sale _*

Tags: STX Group | STX OSV Holdings | Stx Pan Ocean Co.

Written by Bloomberg
Thursday, 04 November 2010 20:20

STX OSV Holdings, the offshore vessel building arm of STX Group, plans to raise $257.26 million in an initial public offering in Singapore as rising energy use spurs demand for its oil-rig support vessels.

The shipyard will sell 180 million new and 145.646 million existing shares, according to a document lodged with the Monetary Authority of Singapore today. The shares will start trading on a ‘ready’ basis on Nov. 12.

The Alesund, Norway-based company plans to use the sale proceeds to pay for a second yard in Brazil as well as to increase capacity in Norway, Romania and Vietnam.

The shipbuilder won new orders worth US$863 million ($1.12 billion) in the first six months and it had a US$2.4 billion backlog, according to its prospectus. The company is part of STX Europe ASA, which also makes cruise ships. South Korea-based STX Group completed the acquisition of STX Europe, formerly known as Aker Yards ASA, last year.

In total, $6.1 billion has been raised in 26 Singapore IPOs so far this year, according to data compiled by Bloomberg.

The offshore vessel maker will be the second STX unit to list in Singapore, following STX Pan Ocean Co. South Korea’s biggest bulk-ship operator started trading in the city state in July 2005.
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Old 06-Nov-2010, 09:20 AM
zuolun zuolun is offline
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Default STX OSV's IPO @ S$0.79/share

STX OSV Holdings Limited Final Prospectus

STX Tumbles Most in Two Years After Unit's IPO Priced at Bottom of Range

By Sookyung Seo and Kyunghee Park
Nov 5, 2010

STX Corp. tumbled the most in almost 22 months in Seoul trading and STX Offshore & Shipbuilding Co. plunged after an offshore-vessel making affiliate priced its initial public offering at the bottom of the range.

STX Corp., the holding company for South Korea’s STX Group, slumped 13 percent, the most since January 2009, to close at 28,500 won on the Korea Exchange. STX Offshore dropped 15 percent, the most since November 2008, to 23,900 won. STX Engine Co. fell 12 percent to close at 36,800 won.

STX OSV yesterday priced its IPO shares at 79 Singaporean cents apiece, compared with a maximum possible price of S$1.13, according to terms sent to investors. The company will use the expected $142.2 million gross proceeds from the sale to help build a second shipyard in Brazil and boost capacity at other facilities making rig-support vessels.

“Investors seem to be disappointed,” said Lee Sang Hwa, a Seoul-based analyst at Hyundai Securities Co. “STX OSV sold fewer shares than anticipated and its IPO was priced at a low level, reducing the amount of cash inflow to the company.”

STX OSV is selling 180 million new shares, while STX Europe Holding AS is offering 145.6 million shares. STX Offshore is the largest shareholder in STX Europe, ahead of STX Engine.

Shares of STX OSV begin trading Nov. 12. DBS Group Holdings Ltd., Goldman Sachs Group Inc., Nordea Bank Finland Plc and Royal Bank of Scotland Plc arranged the IPO.

STX OSV to raise $131.6m in SGX listing

November 5, 2010

STX OSV Holdings - a subsidiary of South Korean shipping group STX - yesterday ended speculation about the offer price for its listing on the Singapore Exchange (SGX).

In its registered prospectus, the specialised offshore vessel builder priced its the offering of about 325.64 million shares at 79 cents each. The offer comprises 180 million new shares from the company and 145.64 million vendor shares from STX Europe Holding AS.

STX OSV is offering a public tranche of 16.28 million shares. The remaining 309.36 million are for international placement.

The total pool of shares may increase if an over-allotment option of 48.8 million shares is exercised by Goldman Sachs Singapore, stabilising manager for the initial public offer.

STX OSV estimates net proceeds from the IPO at $131.6 million - to be used for boosting capacity and equipment at STX OSV's shipyards in Vung Tau, Vietnam and Tulcea, Romania; for building a second shipyard in Brazil and for expanding power and automation capabilities at STX Norway Electro.

Goldman Sachs is the IPO's sole global coordinator, book-runner and issue manager.

The public offer opens today and closes on Nov 10. The shares are expected to start trading on the SGX main board on Nov 12.
STX OSV IPO seen raising US$400m

Some funds will go to building a 2nd shipyard in Brazil

October 19, 2010

SHIPBUILDER STX Europe yesterday ended weeks of anticipation when its offshore support vessels unit, STX OSV, lodged its preliminary prospectus with the Monetary Authority of Singapore.

Although the prospectus was light on the initial public offering details, talk has it that STX OSV's proposed mainboard listing will raise net proceeds of US$400 million.

The shipbuilding company intends to use some of the proceeds to construct a second shipyard in Brazil, extend its Norwegian yard capacities, and improve manufacturing capacity and equipment at two Vietnamese and Romanian yards.

STX OSV's shares will only be priced two weeks later, after the company's management team concludes its road shows in Singapore, Hong Kong, the US, Europe and Scandinavia.

Goldman Sachs is STX OSV's sole global coordinator, bookrunner and issue manager.

STX OSV is headed by Roy Reite and recorded first half profits of US$91 million this year. The company owns nine shipbuilding facilities throughout the world and specialises in highly customised OSVs like platform supply vessels and anchor handling tug supply vessels (AHTS).

In May 2008, South Korean shipbuilding group STX bought over STX Europe's former entity, Aker Yards, and delisted it from the Oslo Stock Exchange.

Since earlier this year, the group has mulled over whether it ought to float one or more of its units, and whether to list on a European stock exchange or in Singapore.

Late in September, STX Europe received an 'Eligibility to List' letter from the Singapore Exchange.

STX OSV's listing here will be the group's second after STX Pan Ocean, South Korea's largest bulk-shipping line, which is also listed in South Korea.

In time to come, STX OSV may be the first of many Norway-based firms to list or dual list here. The Oslo-listed marine oil storage and production vessel operator BW Offshore said it planned to dual list its shares in Singapore, hopefully by the first half of 2011.

Its Singapore-based CEO Andreas Sohmen-Pao told Reuters that the listing 'has been prepared' and that 'since we have a new structure between Oslo and Singapore so we can do it easily without going through the full relisting procedure'.

BW Offshore has chosen DnB Nor as its primary banker.

Last edited by zuolun; 06-Nov-2010 at 09:38 AM.
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Old 06-Nov-2010, 01:50 PM
bullncow bullncow is offline
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Posts: 296

This 1 have chance to own multiple country work. Big banks behind. I think price of IPO disappoint means Banks have to pick up the bills of proping it up!!

STX has already disappoint once! May be this round will drop big especially price of local currency is too high for oversea operation!! Norway the highest cost of living country. Salary not cheap unless product is low labour input but high in value.

Brazil cost also high. Is there plenty of rich brazilian owner! If high price for local content then the day rate got to be high for the boat operator. Understand Petrobras is kiam kana!
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Old 06-Nov-2010, 02:01 PM
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Newcastle Newcastle is offline
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one needs to take note of the large amt of vendor share sale by ang moh...

if is good, why do ang moh want to get out?

Last edited by Newcastle; 06-Nov-2010 at 02:05 PM.
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Old 06-Nov-2010, 02:19 PM
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xfactor xfactor is offline
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Originally Posted by Newcastle View Post
one needs to take note of the large amt of vendor share sale by ang moh...

if is good, why do ang moh want to get out?

Our Ezra went to Norway to list becos Erza clamis that the people there understand the ffshore market better.

If Erza is right, then STX is a junk stock beocs it cannot be listed there.

I predict it will be a submariner stock in matter of weeks after the first hald year results

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Old 08-Nov-2010, 10:18 PM
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Hakensong Hakensong is offline
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IPO closing 10 Nov 2010 12:00 PM
Listing on 12 Nov 2010 09:00 AM

Anybody tikam?
Have a GREAT Day!
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Old 08-Nov-2010, 10:35 PM
zuolun zuolun is offline
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STX Plans IPOs for Cruise-Ship Builder, China Yard Amid Rebound

By Kyunghee Park
Nov 8, 2010 7:57 PM GMT+0800

STX Group, the Korean shipbuilder that sold stock in an offshore-vessel unit last week, may hold initial public offerings for a Chinese yard and a cruise-ship maker as orders recover from the global recession.

“We want to be in the market when momentum is starting to build, not when the industry is at a peak,” Vice Chairman Lee Jong Chul said in an interview in Seoul. “That way, we can more easily show investors what improvements can be expected.”

The Chinese yard may sell shares in the second half of next year as increasing production of dry-bulk vessels and drill- ships puts it on course to end losses, Lee said. The IPO for the European ocean-liner unit, builder of the world’s largest cruise ship, may take place around early 2012, as rising wages in Asia stoke leisure travel, Lee said.

“The number of people in Asia taking vacations on cruise ships has increased drastically in the past year,” he said. “This should lead to orders.”

STX OSV Holdings Ltd., which makes offshore vessels that support operations on oil rigs, may win about $3 billion worth of contracts this year, about quadruple last year’s tally, Lee said. That would give it a backlog equivalent to 18 months’ work, he said. An order from Brazil for eight vessels may be signed by year-end, he said, without elaborating.

The unit, based in Alesund, Norway, last week raised S$257.3 million ($200 million) in a Singapore initial public offering after pricing shares at the bottom of a range offered to investors. STX Corp., STX Group’s holding company, and STX Offshore & Shipbuilding Co., the biggest shareholder in STX OSV, both plunged more than 10 percent in Seoul trading on Nov. 5 after the sale price was announced.

Today, STX Offshore gained 2.5 percent to 24,500 won at the close. STX Corp. advanced 1.9 percent to 29,050 won.

China Shipyard

STX’s shipyard in Dalian, northeastern China, which began production in 2008, may break even next year, Lee said. The yard is expected to build 20 vessels this year and 30 in 2011, Lee said. Production may reach 50 ships in 2013, he said. The unit will probably sell shares in Hong Kong or Singapore, Lee said.

In August, the yard won a $250 million contract to build a drill ship from Noble Drilling Holding LLC. The order was the first worldwide this year for such a vessel, according to STX.

The shipyard delivered its first vessel in 2009, two years after STX said it planned to spend $2 billion constructing a complex for building ships, offshore structures and marine engines. The unit had an order backlog of 4.38 million deadweight tons, or 74 vessels, at the end of September, according to London-based Clarkson Plc, the world’s largest shipbroker.

The cruise-ship builder, which has yards in Finland and France, last month delivered the Allure of the Seas, the world’s largest liner, to Royal Caribbean Cruises Ltd. The ship can accommodate 6,360 passengers, according to a statement. The company also announced a 240 million euro ($340 million) order for a cruise-ferry from Viking Line ABP on Oct. 25.

STX Group acquired the cruise-ship and offshore yards through the takeover of Aker Yards ASA, which was completed in February, 2009. Aker was subsequently renamed STX Europe ASA.
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Old 11-Nov-2010, 06:21 PM
junqi junqi is online now
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The aggregate indications of interest for the Placement and valid applications for the Public Offer at the close of the Offering were for approximately 1,383,079,044 Offering Shares. Based on the 325,646,000 Offering Shares under the Offering, the Offering is approximately 4.2 times subscribed.
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Old 11-Nov-2010, 09:55 PM
Gary G Gary G is online now
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Originally Posted by junqi View Post
The aggregate indications of interest for the Placement and valid applications for the Public Offer at the close of the Offering were for approximately 1,383,079,044 Offering Shares. Based on the 325,646,000 Offering Shares under the Offering, the Offering is approximately 4.2 times subscribed.
Any grey market price ?
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Old 11-Nov-2010, 09:57 PM
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Newcastle Newcastle is offline
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To ensure a reasonable spread of shareholders, the Sole Global Coordinator, in consultation with the Company and the Vendor, has decided that applicants who submitted valid applications for the 16,283,000 Offering Shares under the Public Offer complying in full with the terms and conditions set out in the Prospectus, and who have been successfully balloted, will be allocated all or a proportion of the Offering Shares for which they have applied. The allocations are as follows: -
Range of Offering Shares applied for (‘000)
Balloting Ratio
Number of
Offering Shares
allocated per
Successful Applicant (‘000)
Percentage of Total Number of Offering Shares available under the Public Offer (%)
Number of Successful Applicants
1 : 99
2 to 9
2 : 99
10 to 19
4 : 99
20 to 49
8 : 99
50 to 99
10 : 99
100 to 499
12 : 99
500 to 999
20 : 99
1,000 and above
41 : 99
Based on the above basis of allocation, there were a total of 1,301 successful applicants under the Public Offer.
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