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Biz News Korea(Eng)
STX Offshore & Shipbuilding to stop production under court receivership
- Collected
- 2016.05.27
- Distributed
- 2016.05.30
- Source
- Go Direct
The shockwave from the company’s insolvency would likely take a toll on parts suppliers and lead to chain bankruptcies and massive layoffs.
According to shipbuilding and finance industry sources on Thursday, STX Offshore & Shipbuilding is looking into ceasing production of 15 tank carriers and giving up on an order for offshore drilling facility. Creditors and management of STX plan to make the suggestion when they file for court protection on Friday.
Dockyard backlog would be further hurt upon cancellation from ship owners. Lawsuits seeking damages could flood in when the company goes under court receivership.
Creditors, nevertheless, decided to take an extreme step to stop dragging its feet on STX. They also deemed that much of the orders are better off giving up as they were won on cheap rates. They would have to channel in more funds into the company to run the dockyard to finish off the work as the company no longer can operate on its own with no signs of money-making orders coming in.
For example, STX Offshore & Shipbuilding was assigned to make 14 tank carriers for U.K.-based BP Shipping late 2010 for a total of 750 billion won ($636 million). The shipbuilder has finished and delivered three. It would be more profitable not to meet the rest of the order. It also may give up on the $400 million order for a floating storage and offloading facility from Libya’s state-owned company.
By Park Yong-beom and Chung Seok-woo
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]