STX Europe Refinances Revolving Credit Facility

STX Europe, formerly Aker Yards, has refinanced its revolving credit facility. The new facility is a 3 year financing of NOK 600 million provided by Nordea. Woori Bank of Korea is participating with 50 percent.

"For a capital intensive industry like ours, where we continuously take on and complete new shipbuilding projects, the ability to constantly renew our financial platform is important. I am pleased to see that we have been able to work with and secure this significant credit facility in October, while there has been much focus on the international financial turbulence. I believe that our ability to finalize this transaction is an illustration of the importance of close and long-term relationship with financial institutions, and the strengthened business platform we now have with the STX Business Group as our principal shareholder," said Torstein Dale Sjotveit, president and CEO of STX Europe.