STX OSV, ICD Enter JV to Form Company for Offshore Handling Systems in Norway
- Business & Finance
STX OSV Holdings Limited , one of the major global designers and shipbuilders of offshore and specialized vessels, announced today that it has entered into a joint venture with Industrial Control Design AS (“ICD”) of Norway to establish a new company for the development of offshore handling systems. The new company will be registered in Norway.
STX OSV will hold 51% of the shares, and ICD the remaining 49%. ICD is a highly competent ship automation systems company, and has been active in the maritime market since 2001. ICD has a good track record and excellent relations to key players among ship owners and operators. Its core competence lies in the development of high end automation and control systems. The combined efforts by the two joint venture partners are expected to create new opportunities in several stages of the offshore value chain, exploiting synergies with STX OSV Electro and STX OSV’s capabilities in Romania.
The establishment of the joint venture is part of STX OSV’s strategy to stay at the forefront of the industry by expanding its R&D capabilities. Through focused investments in research and development, STX OSV aims to strengthen its ability to develop and introduce vessels equipped with cutting-edge innovation and technology.
Source: STX OSV, June 16, 2011; Image:ICD