3rd Quarter 2009 - Offshore & Specialized
Vessels continuing the positive trend

03.11.2009

STX Europe AS reported an EBITDA result NOK 96 million for the third quarter of 2009, up from NOK 45 million in the corresponding period last year. Offshore & Specialized Vessels showed continued progress in the quarter with an EBITDA result of NOK 163 million, which was an improvement from the NOK -84 million in the corresponding period last year. During the third quarter STX Europe successfully delivered five vessels reflecting a continuous high level of activity and good operational performance. Order intake in the quarter was NOK 400 million, resulting in an order backlog at the end of the first nine months of 2009 of NOK 28 344 million comprising 54 vessels.

After the reporting period, at the end of October 2009, STX Europe successfully delivered the world's largest cruise ship, "Oasis of the Seas", from its yard in Finland to Royal Caribbean Cruises.

During the first nine months of 2009, STX Europe had revenues of NOK 21 815 million, a slight decrease from the corresponding period last year. STX Europe delivered a total of five vessels in third quarter. The order intake was NOK 4 773 million year to date September, compared with NOK 8 806 million in the corresponding period last year. The order backlog at the end of the period amounted to NOK 28 344 million, comprising 54 vessels.

The Cruise & Ferries segment achieved had an EBITDA margin for the third quarter of -1.2 percent. This reflects lower utilization level at the cruise and ferry yards in Finland and France and, thus, increasing capacity costs. The production and deliveries of cruise and ferry vessels have overall been satisfactory and according to plan.

The EBITDA margin for Offshore & Specialized Vessels was 5.9 percent for the third quarter of 2009, as compared with -3.1 percent in the same period of 2008 - reflecting improved operations and high activity level.

The Norwegian Florø shipyard has a remaining orderbook of two vessels, where the last is scheduled for delivery in March 2010. In order to meet new demand, the yard will undergo restructuring and in the future specialize in service and maintenance of offshore and traditional commercial vessels.

The Board of Directors is pleased that the improvement measures are continuing to result in better operational performance and with satisfactory financial performance for the Offshore & Specialized Vessels segment. While the Board of Directors believes the medium and long term outlook for the Cruise & Ferries segment is promising, the reduced capacity utilization at these yards create certain short term challenges. The Board of Directors is committed to continue with the improvement processes and to strengthen the company's position as the world's premier shipyard group for construction of large cruise vessels and advanced offshore services vessels.

STX Europe ASA