STX OSV HOLDINGS LIMITED - REGISTRATION
OF PROSPECTUS WITH MAS

Oslo, November 4, 2010

The public offer period for the initial public offering of shares (the "Offering") in STX Europe AS' subsidiary, STX OSV Holdings Limited ("STX OSV"), commences in Singapore at 8.00 a.m. (Singapore time) tomorrow.

The prospectus issued by STX OSV in connection with the Offering may be accessed via Monetary Authority of Singapore (www.mas.gov.sg, "MAS") - Offers and Prospectuses - Electronic Repository and Access (OPERA) website.

In connection with the Offering, STX OSV will issue and make an offer of 180,000,000 shares and STX Europe AS will, through its wholly-owned subsidiary STX Europe Holding AS, sell and make an offer of 145,646,000 existing shares in STX OSV. The public offer in Singapore closes on 10 November 2010. The Offering Price is S$0.79 per Offering Share, and listing of the shares on the Main Board of the Singapore Exchange Securities Trading Limited is expected to take place on 12 November 2010.

Immediately after completion of the Offering and assuming the over-allotment option is exercised, STX Europe AS will, through STX Europe Holding AS, hold 68.3% of the shares in STX OSV.

Goldman Sachs is Sole Global Coordinator, Bookrunner and Issue Manager, Goldman Sachs and Nordea Bank are Joint Lead Managers and Underwriters, RBS is Co-Lead Manager and Underwriter, and DBS Bank is Singapore Public Offer Coordinator and Subunderwriter.

Contact information:

STX Europe AS
Oslo, Norway
Hans-Jørgen Wibstad
Senior Vice President - Finance / Head of IR
Mobile: +47 91 68 96 61
E-mail: hjw@stxeurope.com

STX Europe ASA