STX Europe and the French state have officially become partners in STX France and its shipyards in St. Nazaire and Lorient, with the French government holding a 33.34 percent interest.

The newly announced agreement is the fulfillment of a memorandum signed in June by both parties.

France will make an equity investment of 110 million euros for its share with a payback formula based on performance. 

According to STX, the objective is to expand into what it considers its primary business of cruise ships and ferries.

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