STX Group’s Plan to Sell 20% Stake in STX OSV

In response to the various media articles relating to the STX Group’s plan to sell a 20 percent stake in STX OSV Holdings Limited ("STX OSV"), the Board of STX OSV understands after clarification with STX Europe Holding AS (“STX Europe”), that STX Europe is continually exploring opportunities in relation to any strategic option of its interests in its subsidiaries including, STX OSV. The Board of STX OSV further notes that STX Europe is subject to and understands that STX Europe will comply with a lock-up period for its interest in STX OSV which ends 12 months from 12 November 2010, the date STX OSV was listed. Although STX Europe may, after the date falling six months from 12 November 2010, be granted exemptions from the lock-up with the prior written consent of Goldman Sachs (Singapore) Pte, on the disposal of its interest in STX OSV. STX OSV further understands from STX Europe that as of to date, STX Europe has not made any firm plans in relation to its stake in STX OSV.
 

Source: STX OSV