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Stx Osv Holdings Limited News

05 Mar 2013

STX OSV Becomes VARD

Image credit VARD

Shipbuilders & designers STX OSV adopt new brand name following sale of STX Europe’s majority stake in the company to Fincantieri Oil & Gas. Chief Executive Officer and Executive Director of VARD, Roy Reite, said, “I am excited to announce that VARD will be our new name. It conveys a sense of stability and strength, relevance and flexibility. More importantly, it reflects our long-standing Norwegian heritage, as well as our leading position within the offshore and specialized vessels industry globally.

14 Jan 2013

Tidewater Takes Over STX Pan Ocean PSV Newbuild Contracts

STX OSV Holdings Limited say Tidewater Inc. has acquired contracts for 3 Platform Supply Vessels (PSVs) under construction at STX OSV in Norway. STX OSV had originally secured the contracts for the design and construction of three vessels for STX Pan Ocean Co. Ltd. in 2010, and Tidewater has now entered into an assignment agreement with STX Pan Ocean to take over these contracts. The first vessel in the series will be delivered to Tidewater during 1Q 2013. Deliveries of the next two vessels are scheduled for Q2 and Q3 2013. Mr. Roy Reite, Chief Executive Officer and Executive Director of STX OSV, said, “STX OSV has in the past delivered ten offshore vessels to Tidewater. The vessels are of STX OSV PSV 09 design, developed by STX OSV Design in Ålesund, Norway.

15 Nov 2012

STX Europe Q3: OSV Keeps Good Margin

Cruise & Ferries remain challenging. STX Europe achieved operating revenues of NOK 4 480 million in third quarter 2012, a decrease of NOK 763 million compared to corresponding period 2011 (Q3 2011: NOK 5 243 million). Profit before tax for third quarter 2012 of NOK 250 million (Q3 2011: NOK 535 million). Third quarter shows that healthy EBITDA results continue from STX OSV, while the result of Cruise & Ferries business area is not satisfactory due to lower than expected activity levels. STX Europe AS received interim dividend of NOK 364 million in September from STX OSV. STX Europe AS repaid about NOK 184 million (US$32 million) of bank loan during Q3.

03 Oct 2012

Cableship Contract for STX OSV

STX OSV Holdings Limited wins contract for design and construction of a cable laying vessel for an international client. The vessel will be of STX OSV’s own CLV 01 design with delivery scheduled from STX OSV in Norway in 3Q 2014. The hull of the vessel will be delivered from STX OSV Tulcea in Romania for fitting out in the Norwegian shipyard. The contract price exceeds NOK 450 million. STX OSV Holdings, headquartered in Norway, is together with its subsidiaries, one of the major global designers and shipbuilders of offshore and specialized vessels used in the offshore oil and gas exploration and production and oil services industries.

17 Apr 2012

Offshore Construction Vessels Ordered from STX OSV

Photo credit STX OSV

STX OSV Holdings Limited (“STX OSV”), one of the major global designers and shipbuilders of offshore and specialized vessels, announces that it has secured new contracts for the design and construction of two Offshore Subsea Construction Vessels (“OSCV”) for Siem Offshore in Norway. The vessels will be of STX OSV’s OSCV 11 design. The vessels will have an overall length of 121 meters, a beam of 22 meters and will be equipped with a 250t AHC crane. Deliveries are scheduled from STX OSV Brattvaag in Norway in 3Q and 4Q 2013.

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).

08 Jul 2011

STX Europe Sells Shares in STX OSV Holdings Ltd.

STX Europe Holding AS, a wholly owned subsidiary of STX Europe AS (STX Europe), has agreed to sell part of its equity interests in STX OSV Holdings Limited (STX OSV) to investment funds affiliated with OZ Management LP (Och-Ziff). The placement of 215,590,000 ordinary shares by STX Europe will be at a price of S$1.33 per share. This amounts to approximately 18.27% of the total issued share capital of STX OSV. Following the sale, STX Europe will hold 598,851,000 shares in STX OSV equal to a majority shareholding of 50.75%. STX Europe underscored that the placement was made with the objective of improving the trading liquidity of STX OSV. As a result of placement, Och-Ziff's shareholding in STX OSV will increase to 20.0%.

20 May 2011

STX OSV Contracts for Two PSVs

STX OSV Holdings Limited (“STX OSV”), one of the major global designers and shipbuilders of offshore and specialized vessels, is pleased to announce that it has secured new contracts for the design and construction of two Platform Supply Vessels (PSV) for Farstad Shipping. The total value of the contracts amounts close to NOK 600 million. The vessels will be of STX OSV’s own PSV 08 design. Deliveries are scheduled from STX OSV Langsten in Norway and STX OSV Vung Tau in Vietnam in the first half of 2013. The overall length of each vessel will be 81.7 meters with a beam of 18.0 meters.

12 May 2011

STX Europe 1Q 2011 - Improvements Continuing

-  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). •  Order intake of NOK 1 708 million in Q1 2010 (Q1 2010: NOK 2 808 million). •  7 vessels successfully delivered in first quarter 2011. -  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…

26 Apr 2011

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…

01 Dec 2010

Significant Improvements in STX Europe 3Q Results

STX Europe reported an EBITDA of NOK 367 million for third quarter 2010 which is an increase from NOK 96 million in the third quarter 2009. The year-to-date EBITDA is NOK 660 million compared with NOK 177 million in the same period 2009. The result before tax in the third quarter 2010 was NOK 195 million compared with NOK -159 million in the same period last year. During the third quarter 2010 STX Europe received orders for NOK 4 413 million and increased its order backlog by NOK 486 million to NOK 29 279 million. The initial public offering of shares in STX OSV Holdings Limited on the Main Board of Singapore Exchange Trading Limited (SGX) was completed on 12 November 2010. STX OSV is the first Norwegian headquartered company with a primary listing in Singapore.

19 Oct 2010

STX OSV Holdings Lodges Preliminary Prospectus

STX Europe AS' wholly-owned subsidiary, STX OSV Holdings Pte. Ltd. (to be renamed STX OSV Holdings Limited), has lodged a preliminary prospectus with the Monetary Authority of Singapore (www.mas.gov.sg, "MAS") in relation to the proposed initial public offering of its shares. The preliminary prospectus may be accessed via MAS' Offers and Prospectuses - Electronic Repository and Access (OPERA) website.