Fincantieri has also made an unconditional cash offer for the remainder of STX OSV's shares. The offer from the Italian firm will be kept open for 28 days.
" This acquisition marks Fincantieri’s entry into a market segment complementary to its current ones. With 21 shipyards in three different locations, Fincantieri will double its size to become the fifth largest shipbuilder worldwide behind four Korean peers,"  STX OSV said in its disclosure.
At present, South Korea's  Hyundai Heavy Industires  in the largest shipbuilder in the world.  
OSK Research's analyst, Jason Saw, told Rigzone on Wednesday that he views the sale price as " somewhat low." 
" The depressed sale price could be primarily driven by desperation of the STX Group to sell its assets to pare down debts. The STX Group is also looking to sell its shipping unit, STX Pan Ocean, as part of its group restructuring process,"  Saw said.
Saw is also of opinion that Fincantieri's general offer for STX OSV's remaining shares is unlikely to be successful. Fincantieri needs to own at least 90 percent of STX OSV in order to squeeze the remaining shareholders. Och-Ziff, the second largest shareholder, has a 12 percent stake.
STX OSV employs 9,200 people globally, and operates ten shipyards around the world. The company builds anchor handling tug supply vessels, platform supply vessels and offshore subsea construction vessels. It is also involved in seismic survey.