Shipbuilders STX Europe Report Good Earnings in Q2

Press Release August 14, 2012

STX Europe report increased operating revenues, but cruise & ferry sector showed lower than expected activity in Q2 2012.

STX Europe achieved operating revenues of NOK 5 651 million in second quarter 2012, an increase of NOK 782 million compared to corresponding period 2011 (Q2 2011: NOK 4 869 million).

Profit before tax for second quarter 2012 of NOK 370 million (Q2 2011: NOK 407 million).

Second quarter shows satisfactory EBITDA results from STX OSV, whilst Cruise & Ferries business area is still experiencing lower than expected activity levels. STX Europe will continue to focus on securing new orders.

STX Europe AS repaid about NOK 102 million (US$17million) of bank loan during Q2.

Order book situation
    •    Order intake of NOK 5 178 million for Q2 2012 (Q2 2011: NOK 8 249 million)
    •    10 vessels successfully delivered and 8 vessels secured in Q2 2012
    •    Order backlog of 65 vessels at the end of Q2 2012 totaling NOK 30 049 million (Q2 2011: 31 554 million)