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3RD QUARTER 2009 - OFFSHORE & SPECIALIZED VESSELS CONTINUING THE POSITIVE TREND
3.11.2009

STX Europe AS reported an EBITDA result NOK 96 million for the third quarter of 2009, up from NOK 45 million in the corresponding period last year. Offshore & Specialized Vessels showed continued progress in the quarter with an EBITDA result of NOK 163 million, which was an improvement from the NOK -84 million in the corresponding period last year. During the third quarter STX Europe successfully delivered five vessels reflecting a continuous high level of activity and good operational performance. Order intake in the quarter was NOK 400 million, resulting in an order backlog at the end of the first nine months of 2009 of NOK 28 344 million comprising 54 vessels.

After the reporting period, at the end of October 2009, STX Europe successfully delivered the world's largest cruise ship, "Oasis of the Seas", from its yard in Finland to Royal Caribbean Cruises.

During the first nine months of 2009, STX Europe had revenues of NOK 21 815 million, a slight decrease from the corresponding period last year. STX Europe delivered a total of five vessels in third quarter. The order intake was NOK 4 773 million year to date September, compared with NOK   8 806 million in the corresponding period last year. The order backlog at the end of the period amounted to NOK 28 344 million, comprising 54 vessels.
 
The Cruise & Ferries segment achieved had an EBITDA margin for the third quarter of -1.2 percent. This reflects lower utilization level at the cruise and ferry yards in Finland and France and, thus, increasing capacity costs. The production and deliveries of cruise and ferry vessels have overall been satisfactory and according to plan.
 
The EBITDA margin for Offshore & Specialized Vessels was 5.9 percent for the third quarter of 2009, as compared with -3.1 percent in the same period of 2008 - reflecting improved operations and high activity level.
 
The Norwegian Florø shipyard has a remaining orderbook of two vessels, where the last is scheduled for delivery in March 2010. In order to meet new demand, the yard will undergo restructuring and in the future specialize in service and maintenance of offshore and traditional commercial vessels.
 
The Board of Directors is pleased that the improvement measures are continuing to result in better operational performance and with satisfactory financial performance for the Offshore & Specialized Vessels segment. While the Board of Directors believes the medium and long term outlook for the Cruise & Ferries segment is promising, the reduced capacity utilization at these yards create certain short term challenges. The Board of Directors is committed to continue with the improvement processes and to strengthen the company's position as the world's premier shipyard group for construction of large cruise vessels and advanced offshore services vessels. 
 
 
Please find enclosed the full version of the third quarter report for 2009.
 
 
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Contact information:
 
Headquarter:
STX Europe AS
Karenslyst allé 57
P.O. Box 453 Skøyen
Oslo, Norway
Tel: + 47 21 02 15 00

 
Investor relations:
Hans-Jørgen Wibstad
Senior Vice President Finance & Organisation
Tel: +47 21 02 15 00
Mob: +47 91 68 96 61
 
 
 
 
Disclaimer
This press release includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for STX Europe AS and its subsidiaries and affiliates (the "STX Europe Group") lines of business. These expectations, estimates, and projections are generally identifiable by statements containing words such as "expects," "believes," "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for the STX Europe Group's businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although STX Europe AS believes that its expectations and the information in this Press release were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this Press release. Neither STX Europe AS nor any other company within the STX Europe Group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the Press release, and neither STX Europe AS, any other company within the STX Europe Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the Press release.

STX Europe AS undertakes no obligation to publicly update or revise any forward-looking information or statements in the press release, other than what is required by law.

The STX Europe Group consists of many legally independent entities, constituting their own separate identities. STX Europe is used as the common brand or trade mark for most of these entities. In this press release we may sometimes use "STX Europe," "Group, "we," or "us," when we refer to STX Europe companies in general or where no useful purpose is served by identifying any particular STX Europe company.

 

 
   
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