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Stx Business Group News

08 Jul 2011

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).

21 Apr 2011

New President of STX Finland

Juha Heikinheimo has resigned from the position as President of STX Finland Oy. He will be replaced by Su-Jou Kim, who currently holds the position as Chairman of STX Finland. Su-Jou Kim will be temporary acting President of STX Finland. Despite significant improvements during the last few months, STX Finland is going through very challenging times - in particular at the Turku shipyard - following the delivery of the "Allure of the Seas" in October 2010. Compared with its high shipbuilding capacity for cruise ships…

31 Mar 2011

STX Europe orders ShaftDesigner

STX Europe has purchased Machine Support’s ShaftDesigner software for the STX Finland yards in Turku and Rauma. This order is the result of an extensive technical and commercial investigation. The yard bought alignment and vibration calculations analyses from other contracting parties, but decided that they want to do these calculations internally. In ShaftDesigner the investigators found a modern and sophisticated software that is capable of calculating shaft line alignment as well as all types of vibration. The software also take into account the entire shaft line and components.

24 Aug 2010

Su-Jou Kim New President & CEO STX Europe

STX Europe AS appointed Su-Jou Kim as its new President and CEO. Su-Jou Kim will replace Sang-Ho Shin, and will start in his new position with immediate effect. Sang-Ho Shin joined STX Europe in September 2008, initially as COO, and since May 2009 as President & CEO. Shin has been appointed COO of STX Offshore & Shipbuilding and head of STX's shipbuilding operations in Korea. Shin will remain a Board member of STX Europe AS. Su-Jou Kim has held various management positions within the STX Business Group - most recently as Head of Business Development and Deputy President of STX Corporation. Mr Kim is well known with STX Europe since he spent significant amounts of time with the company in 2008, including holding the position of Chairman of STX Europe AS from September 2008 to March 2009.

03 Jun 2010

Posidonia Opens Next Week

From the left to right: John Maragoudakis, President of HORC; Apostolos Poulovasilis, Regional Marine Manager EMEA Lloyd’s Register; David G. Moorhouse, President of the Lloyd's Register; Theodore E. Veniamis, President of the Union of Greek Shipowners; Apostolos Ventouris, President of Union of Marine Enterprises; John C. Lyras, Ex President of the Union of Greek Shipowners and currently member of its Board; Themistocles Vokos, Chairman Posidonia Exhibitions (Photo courtesy Posidonia Press Offi

The 22nd edition of Posidonia 2010, an international shipping trade event, opens its doors next week on the back of renewed confidence in the state of Greek maritime affairs as outlined in a recent Union of Greek Shipowners (UGS) statement. According to UGS, Greece’s foreign exchange earnings from ocean going shipping services were substantial in 2009 amounting to $16.6b despite a slight decrease compared to the previous year. Continued new-building orders will ensure Greece maintains…

08 Mar 2010

Posidonia 2010: East Eyes Opportunity in West

“The recent spate of new-building orders from Greek ship-owners is a tangible sign of recovery and has reignited the interest of Asia’s traditional shipbuilding superpowers Korea, Japan and China, who will field their biggest ever participation at Posidonia this year,” said Theodore Vokos, Project Manager, Posidonia Exhibitions S.A., the organizers of Posidonia 2010. The trade shipping event will be held for the 22nd time in Greece, June 7th to 11th at the Hellenikon Exhibition Centre.

07 Nov 2008

STX Europe Refinances Credit Facility

STX Europe has refinanced its revolving credit facility. The new facility is a 3 year financing of $86.8m, provided by Nordea. Woori Bank of Korea, is participating with 50 percent. "For a capital intensive industry like ours, where we continuously take on and complete new shipbuilding projects, the ability to constantly renew our financial platform is important. I am pleased to see that we have been able to work with and secure this significant credit facility in October, while there has been much focus on the international financial turbulence. I believe that our ability to finalize this transaction is an illustration of the importance of close and long-term relationship with financial institutions…

04 Nov 2008

Aker Yards Now STX Europe

Aker Yards, builder of cruise and offshore vessels, changed its name to STX Europe. The name change reflects the entry of the South Korean-based STX Business Group as principal shareholder in the company during summer 2008. Effective Nov. 3, the international shipbuilding group Aker Yards, with head office in Oslo, Norway, and all its subsidiaries, will share the common brand STX Europe.STX Europe specializes in designing and building advanced cruise ships and purpose-built vessels for offshore oil and gas operations, and other specialized ships. All the largest cruise ships in the world were built or are currently under construction at STX Europe's yards.

30 Oct 2008

STX Europe ASA 3Q Report

While the revenues grew with 14.2 percent and new order intake amounted to NOK 7 344 million, an ongoing project within Offshore & Specialized Vessels for A.P. Moller - continued to negatively influence the EBITDA result also in the third quarter. The transaction with FLC West was completed at the end of July. This resulted in a profit from discontinued operations of NOK 791 million and increased the equity ratio to 22 percent. As communicated in the report for the second quarter 2008, several ships in a series of ten vessels for A.P. Moller - Maersk have suffered from delays and poor quality. This project constitutes a significant part of the ongoing projects within the business area Offshore & Specialized Vessels.