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December 21, 2012

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Fincantieri buys STX OSV

Agreement in order to acquire the 50.75% of the capital stock. With the successive obligatory public purchase offer, the value total of the operation will be pairs to approximately 900 million euros

The navalmeccanico group Italian Fincantieri, through the society integrally controlled Fincantieri Oil & Gas Spa, has signed an agreement in order to acquire the control of the STX OSV, society quoted to the Stock exchange of Singapore that has been born from the scorporazione from navalmeccanico group STX Europe of the branch of means construction of support to the extraction activities and production of oil and natural gas (Offshore Support Vessel) ( of the 30 september 2010).

The understanding previews that Fincantieri finds from STX Europe the 50.75% of the capital stock of STX OSV to a price of 1,22 dollars of Singapore per.share, pairs to a equivalent value of approximately 730 million dollars of Singapore (approximately 455 million euros). The offer price - it has specified Fincantieri - corresponds to a reduction in price of the 12.9% and the 17.5% regarding the price of closing to 20 December pairs to 1,40 dollars of Singapore per.share and to the weighted average of last the three months pairs to 1,48 dollars of Singapore per.share. The terms of the agreement are approved of by the boards of directors of Fincantieri and STX Europe.

Fincantieri has specified, moreover, than the closing of the acquisition it will happen within first quadrimestre 2013 to happening of some suspensory conditions. Fincantieri Oil & Gas Spa only then promuoverà, online with the terms previewed from the regulations of the Stock exchange of Singapore, obligatory a public purchase offer on remaining set in action. The value total of the operation, including is the acquisition of the 50.75% that obligatory the public purchase offer, will be pairs to approximately 900 million euros (approximately 1.450 million dollars of Singapore) and will be financed mostly through uses it of internal resources of Fincantieri and making rerun to a granted bank financing from a pool composed from Bank IMI, BNP Paribas (filial Italian), Carige and Unicredit. The financing operation will see moreover the participation of Bank of Deposits and Loans in the role of backer guaranteed from SACE.

Fincantieri has emphasized that, through the acquisition, with a total of 21 ship yards in three continents (of which ten yards of STX OSV: five in Norway, two in Rumania, Vietnam and Brazil and another under construction in the same Country), almost 20,000 dependent (of which the half of Fincantieri) and revenues in order almost four billions of euro (almost 1,7 and 2,4 billion euros totaled respective from STX OSV and Fincantieri in 2011), the group doubles its dimensions. "Fincantieri - it has evidenced the Italian company - on a worldwide basis becomes one of the first five naval constructors of reference and only western producer, also for diversification, in a position to being confronted with the Asian giants. Regarding the first four producers, all Korean, the Fincantieri group is characterized for a position of leadership in all the naval fields high tech, enriching own pocketbook produced through the income in the field of the offshore one oil&gas".

The Italian group has found moreover that "this operation marks the income of Fincantieri in a segment of complementary market regarding those until now garrisoned and, through the development of synergies with the businesses in which already work, an increment of the productive volumes will allow whose benefits will not only have a positive impact on the occupation of the entire group, but also on the entire Italian productive system".

"Today - the managing director of Fincantieri has declared, Giuseppe Bono - a new era for Fincantieri begins. In fact the acquisition of STX OSV will ulteriorly improve our position of competitor international of first level and will strengthen the engagement of Fincantieri in pursuing a strategy of development and diversification in order to maintain the competitiveness in along period, affording generating important fallen back positive on our Italian assets". "They are sure - it has added - that this is the just distance in order to optimize our position of total leadership in the shipbuilding one to high added value and in order to assert to us like champions of the western world. It is reason of pride for all the dependent and collaborators of Fincantieri that one of the most ancient and noble industries in the history is a strategic factor of development for Italy and we believe also reason of confidence in the ability to our economy to look with more optimism to the future".

"We will collaborate with our new shareholder of majority", the managing director of STX OSV, Roy Reite has asserted. "As - it has continued - we always continue to being concentrated on the maintenance of stable relations with our customers, suppliers and the others stakeholder. STX OSV will continue to develop to own position in the planning and construction of ships offshore support of elevated technology, complexity and specialization".

PSA Genova Pra'



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