STX Europe 1Q 2011 - Improvements Continuing

Press Release May 12, 2011

Highlights:

- 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