STX Europe 1Q 2011 - Improvements Continuing

Press Release
Thursday, May 12, 2011

-  EBITDA of NOK 424 million in Q1 2011 compared with NOK 88 million in Q1  2010.
-  Profit before tax of NOK 334 million for Q1 2011 (Q1 2010: NOK -151 million).
-  Orderbook situation:
    •  Order intake of NOK 1 708 million in Q1 2010 (Q1 2010: NOK 2 808 million).
    •  7 vessels successfully delivered in first quarter 2011.
    •  Order backlog of 57 vessels end of first quarter 2011 totalling NOK 27 994 million (Q1 2010: NOK 22 321 million)
-  Singapore listed STX OSV Holdings Limited ("STX OSV"), had continued strong performance in Q1 2011 with an EBITDA result of NOK 439 million.
-  Positive development of the shares of STX OSV, with a share price increase of 4.4% during the first quarter - to a closing price at 31 March 2011 of S$1.19. STX Europe holds a 69.02% equity stake in STX OSV which has a market capitalization of approx. NOK 6.1 billion as of 11 May 2011.
-  Cruise & Ferries had much improved results compared to previous periods, but still making losses. The market and order book situation in Cruise & Ferries is still challenging, especially in STX Finland.
-  Consolidated interest bearing liabilities (ex. construction loans) reduced by NOK 305 million (-16.7%) to NOK 1 824 million in first quarter 2011.
Please find enclosed the full version of the 1st quarter 2011 report & preliminary 2011 results.

Source: STX Europe AS

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