STX Europe - STX OSV Holdings Limited - Exercise
of Over-Allotment Option

Oslo, December 1, 2010

On 12 November 2010 the initial public offering of shares in STX OSV Holdings Limited ("STX OSV") was completed and the shares of STX OSV were listed on the Main Board of Singapore Exchange Trading Limited (SGX).

STX Europe has today been informed that Goldman Sachs (Singapore) Pte has partially exercised the Over-Allotment Option in respect of 39,913,000 Shares granted by the STX Europe Holding AS (a wholly owned subsidiary of STX Europe AS) to Goldman Sachs (Singapore) Pte in connection with the IPO.

Following the completion of the exercise of the Over-Allotment Option, STX Europe Holding AS' will hold 814,441,000 shares in STX OSV, equal to 69.02% of the share capital of STX OSV. The exercise of the Over-Allotment option will generate net proceeds of approx. S$30.9 million to STX Europe AS which will be available for general corporate purposes.

STX Europe is pleased with the strong interest and response from the Singapore capital markets and among international investors for STX OSV. We believe the listing in Singapore will provide STX OSV with exciting opportunities in the future. STX OSV is the first Norwegian headquartered company with a primary listing in Singapore.

STX Europe ASA