STX Europe Q3: OSV Keeps Good Margin

Press Release November 15, 2012

Cruise & Ferries remain challenging.

Highlights:
STX Europe achieved operating revenues of NOK 4 480 million in third quarter 2012, a decrease of NOK 763 million compared to corresponding period 2011 (Q3 2011: NOK 5 243 million). Profit before tax for third quarter 2012 of NOK 250 million (Q3 2011: NOK 535 million).

Third quarter shows that healthy EBITDA results continue from STX OSV, while the result of Cruise & Ferries business area is not satisfactory due to lower than expected activity levels.

STX Europe AS received interim dividend of NOK 364 million in September from STX OSV. STX Europe AS repaid about NOK 184 million (US$32 million) of bank loan during Q3.

EBITDA of NOK 327 million for Q3 2012

STX OSV Holdings Limited (STX OSV) with EBITDA of NOK 332 million for Q3 2012 (Q3 2011: NOK 589 million)
Cruise & Ferries with EBITDA of NOK -3 million for Q3 2012 (Q3 2011: NOK 96 million)

Order book situation:

Order intake of NOK 1 097 million for Q3 2012 (Q3 2011: NOK 4 190 million)
9 vessels successfully delivered and 2 new vessels secured in Q3 2012
Order backlog of 58 vessels at the end of Q3 2012 totaling NOK 26 304 million (Q3 2011: 31 626 million)
Since the end of Q3 2012, STX Europe secured additional two vessel contracts from STX OSV and one cruise vessel contract from Cruise & Ferries, and delivered three more vessels.

For further information please see full version of Q3 2012 report.