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Finland to support STX if it wins luxury ship deal
December 21, 2012 / 11:11 AM / 5 years ago

Finland to support STX if it wins luxury ship deal

HELSINKI, Dec 21 (Reuters) - Finland will support STX’s shipyard in Turku, southern Finland, with 28 million euros ($37 million) if the South Korean group wins a 1 billion euro cruise ship deal from Royal Caribbean.

While STX had asked for a loan of around 50 million euros to seal the deal with Turku, the government said it will grant money from its EU-approved aid scheme after a deal has been sealed.

Turku has previously built two Oasis luxury cruise ships for Royal Caribbean. According to reports in Finland, Turku was the main candidate for a third ship but low order books have got STX shipyards, such as Saint-Nazaire in France, interested.

The new deal has been estimated to employ about 20,000 person-years, which would provide a timely boost for employment in Finland’s cooling economy.

STX Finland said it was disappointed at not getting the loan and would continue talks with other creditors. ($1 = 0.7555 euro) (Reporting by Helsinki Newsroom; Editing by Dan Lalor)

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