STX Europe to Prepay Corporate Bond Due 2012

STX Europe AS ("STX Europe") has resolved to prepay its NOK 250 million senior unsecured bonds issue due 2012 according to its terms. The bonds are listed on the Oslo Stock Exchange under the ticker STX01 (ISIN NO0010566904). It is expected that the formal call-notice to the bondholders will take place shortly, and that repayment, including call premium and accrued interest, will be made with value on or about 19 August 2011.

STX Europe will fund the repayment of the bonds from the STX Europe group's own resources, which will include the proceeds from the sale of 215,590,000 shares in STX OSV Holdings Limited (STX OSV) (see separate stock exchange release today). The company will also use part of the proceeds from the sales of shares as loan to shareholders, and to repay an aggregate NOK 650 million, plus accrued interest, of shareholder loans provided by STX Business Group to STX Europe AS in 2008 and 2009.

STX Europe remains committed to STX OSV as a substantial shareholder, owning 50.75% of STX OSV after the sale of the shares. Following a successful IPO of STX OSV on the Singapore Exchange in November 2010, STX OSV has experienced strong performance and share price development. The market capitalization of STX OSV as of 7 July 2011 was approx. S$1.6 billion (approx. NOK 7.1 billion).