STX O&S, due to financial difficulties, has entered into the Voluntary Business Normalization Program in July 2013 and worked on improving its financial status. The creditors, including Korea Development Bank, recently decided to provide additional cash injection of KRW 1.8 trillion (USD 1.68 Bil.) on February 19th, to promote normalizing the business.
Since the appointment of Jung Sung-Leep as a CEO on December 2013, STX O&S has reconstructed its business model to focus on the specialized types with competitive building costs.
This deal is believed to be the first visible result of such efforts. Mr. Jung said that STX O&S will continue its utmost efforts to secure competitiveness in the market with the creditors’ financial support.