STX OSV HOLDINGS LIMITED - INITIAL
PUBLIC OFFERING IN SINGAPORE (SGX)

Oslo, November 11, 2010

STX Europe is pleased to announce that the initial public offering (the "Offering") of ordinary shares in STX OSV Holdings Limited ("STX OSV") has been completed, and that trading of the shares of STX OSV on the Main Board of the Singapore Exchange Securities Trading Limited ("SGX") is expected to start at 09:00 am (Singapore time) on 12 November 2010. Based on an offering size of 325,646,000 Offering Shares under the Offering, the Offering is approximately 4.2 times subscribed.

STX Europe is pleased with the strong response for the Offering in the Singapore capital market and among international investors. Upon the listing of STX OSV on the SGX, STX OSV will be the first Norwegian headquartered company with a primary listing in Singapore. In addition to being a highly recognized international stock exchange with a number of companies in the offshore and shipbuilding segments, Singapore is a key area for the oil and gas industry in the region. STX Europe therefore believes that the listing of STX OSV on SGX will provide STX OSV with exciting new opportunities in the future. As a major shareholder, STX Europe looks forward to taking part in this development.

The Offering of 325,646,000 shares (the "Offering Shares") consist of the offering of 180,000,000 new shares by STX OSV and the offering of 145,646,000 existing shares in STX OSV by STX Europe Holding AS, a wholly-owned subsidiary of STX Europe AS. The total number of shares in the capital of STX OSV after the Offering is 1,180,000,000, and the offering price was S$0.79 per Offering Share. The market capitalization of STX OSV upon listing will be S$932.2 million or approximately NOK 4.2 billion. Following the completion of the Offering, STX Europe Holding AS will hold 72.4% of the shares in STX OSV (assuming that the over-allotment option (the "Over-Allotment Option") granted by STX Europe Holding AS in respect of 48,846,000 shares, representing 15.0% of the Offering Shares, is not exercised), or 68.3% (assuming that the Over-Allotment Option is exercised). The Offering will generate net proceeds to STX Europe Holding AS of approximately S$109.6 million (assuming that the Over-Allotment Option is not exercised). STX Europe AS will use the proceeds to repay approximately NOK 440 million of debt (including settlement of intra-group debt) and for general corporate purposes. For further details, please refer to the attached announcement released by STX OSV on the website of SGX today.

Goldman Sachs (Singapore) Pte. is the Sole Global Coordinator, Bookrunner and Issue Manager and a Joint Lead Manager and an Underwriter in respect of the Offering. Nordea Bank Finland Plc, Singapore Branch is the Joint Lead Manager and Underwriter and The Royal Bank of Scotland N.V., Singapore Branch is Co-Lead Manager and Underwriter in respect of the Offering. DBS Bank Ltd. is the Singapore Public Offer Coordinator and Subunderwriter in respect of the Offering.

STX Europe ASA