Norway: STX OSV Acquires Stake in Castor Drilling

STX OSV Holdings Limited, one of the major global designers and shipbuilders of offshore and specialized vessels, announced that it is strengthening its technology and engineering competence through two separate transactions.

Seaonics AS, a subsidiary of STX OSV, is in the process of acquiring a shareholding interest in Castor Drilling Solution AS (CDS). Based in Kristiansand, Norway, CDS is a newly established company with specialist competence in offshore drilling technology. The investment is expected to give STX OSV new insight into this segment of the offshore market, and give opportunities for development of integrated solutions primarily related to the growing market of Offshore Subsea Construction Vessels (OSCV). The investment, to be completed in two tranches by the end of the year, will give Seaonics a 34% stake in CDS.

Separately, STX OSV has entered into an agreement to acquire 70% shareholding interest in Brevik Partners AS. Established in 2010, Brevik Partners is an engineering company specializing in offshore technology and equipment. The investment in the company, to be renamed STX OSV Engineering Brevik, is expected to strengthen STX OSV’s ability to develop new concepts and integrated solutions for offshore and specialized vessels. The proposed transaction is expected to be closed by the end of May.

Both investments are in line with STX OSV’s strategy of increasing its technology and engineering competence in select parts of the offshore value chain. Through focused investments, STX OSV aims to strengthen its ability to develop and introduce vessels equipped with cutting-edge innovation and technology.

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Source: STX OSV Holdings, May 4, 2012