STX Offshore seeks to sell STX France

STX Offshore & Shipbuilding Co aims to sell STX France, say media reports

STX Offshore & Shipbuilding Co aims to sell STX France as part of a restructuring plan, according to media reports.

The South Korean company, which filed for receivership in May, reportedly told a bankruptcy court in South Korea that it has hired PricewaterhouseCoopers to help it sell its subsidiary STX France, and also said it plans to cut its staff in Korea by a third by the end of September this year.

STX’s creditors will decide in October whether to accept the restructuring plan, say media reports.

Previous sale attempts of STX France fell through in 2014 and 2015.

STX France was acquired by STX Offshore and Shipbuilding in 2009. The shipbuilder has a very healthy orderbook, with cruise ships on it including MSC Cruises’ two next generation Vista-class cruise ships and Celebrity Cruises’ Project Edge newbuilds. 

It also built the world’s largest cruise ship, Harmony of the Seas, which was delivered earlier this year, and a memorandum of understanding has been signed for a fifth Oasis-class ship.