STX Europe 4Q 2010 - Strong Improvement

25-02-2011

Highlights:

• EBITDA of NOK 912 million for 2010 compared with NOK 133 million in 2009.

• Profit before tax of NOK 241 million for 2010 (2009: NOK -875 million).

• Orderbook situation:
- Order intake in NOK 26 833 million for 2010 (2009: NOK 8 219 million).
- 25 vessels successfully delivered in 2010.
- Order backlog of 59 vessels totaling NOK 31 160 million (2009: NOK 25 475 million).

• Successful IPO in Singapore of STX OSV Holdings Limited ("STX OSV") - the former Offshore and Specialized Vessels division. STX Europe maintain a 69.02% equity stake in STX OSV which currently has a market capitalization of approx. NOK 6..0 billion.

• STX OSV had strong performance in 2010. Cruise & Ferries has unsatisfactory results, but STX France experienced significantly improved order intake 2010, while the orderbook situation in STX Finland is challenging.

• Arctech Helsinki Shipyard established - a 50/50 joint venture between STX Finland and United Shipbuilding Corporation of Russia - acquiring the STX's Helsinki shipyard.

• Consolidated interest bearing liabilities reduced by NOK 800 million (-27.3%) to NOK 2 129 million in fourth quarter 2010, and further reduced by NOK 300 million in Q1 2011.

Full version of the 4th quarter 2010 report & preliminary 2010 results, and presentation

STX Europe ASA