Double blow hits STX for $60m

STX Europe will take a hit of over $60m following the bankruptcy of a shipyard and cost overruns on a cruiseship newbuilding.

Europe’s largest shipbuilder will shoulder a charge of up to NOK 200m ($34.04m) due to the failure of Wadan Yards, a statement says.

A further EUR 20m ($27.1m) could be chalked off as costs pile up on a newbuilding under construction at its St Nazaire shipyard.

STX says it is making every effort to keep the losses to a minimum.

Despite the cost overruns, STX says the newbuilding will still be delivered on time.

Wadan Yards filed for bankruptcy last August, while the Wadan Yard’s Group went bust this week, the statement explains.

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