Search   
ABOUT US
BUSINESS AREAS
INVESTORS
RECRUITMENT CENTRE
MEDIA CENTRE
CONTACT US
STX EUROPE - 2Q 2010 INTERIM REPORT
31.8.2010


Offshore & Specialized Vessels continues with record earnings - Strong order intake

STX Europe reported an EBITDA of NOK 205 million for the second quarter of 2010 which is an increase from NOK 75 million in the second quarter 2009. The Offshore & Specialized Vessels business area had a record EBITDA in the second quarter of NOK 298 million and the Cruise & Ferries business area had an EBITDA of NOK -92 million. During the second quarter 2010 STX Europe received orders for NOK 12.4 billion and increased its order backlog to NOK 28.8 billion. After the end of the second quarter the order intake has been 17 vessels with a total contract value of approximately NOK 6.9 billion.

In the second quarter of 2010, STX Europe posted operating revenues of NOK 6.3 billion compared with NOK 6.6 billion in the corresponding period last year. The EBITDA result was NOK 205 million, compared with NOK 75 million in the second quarter 2009. The year-to-date EBITDA as per second quarter 2010 is NOK 292 million compared with NOK 81 million for the same period 2009.

The overall operational performance of STX Europe's shipyards has been good during the first half 2010 and the company delivered a total of 14 vessels, of which seven were delivered in the second quarter. The order intake was NOK 12.4 billion during the second quarter, giving an order backlog of NOK 28.8 billion comprising 50 vessels. The order backlog has increased by 29 percent or NOK 6.5 billion during second quarter 2010.

The Offshore & Specialized Vessels business area achieved a solid EBITDA result of NOK 298 million compared with NOK 154 million in the second quarter of 2009. The business area continued its strong operational performance and was able to secure six new contracts for a total of NOK 2.9 billion during the quarter. After the end of the second quarter 2010 the Offshore & Specialized

Vessels business area has entered into 16 new shipbuilding contracts with a total value of approximately NOK 6.7 billion. Based on the strong earnings improvement, increased order backlog and solid operational performance, the outlook for the business area is considered to be good.

The Cruise & Ferries business area posted an EBITDA result of NOK -92 million in Q2 2010 compared with NOK -73 million in the same period last year. The losses are mainly caused by low capacity utilization at the shipyards and losses on one cruise vessel which has now been delivered. The business area was successfully able to secure two large new cruise orders during the second quarter. The market conditions are still challenging in this business area, but the long-term market outlook has improved during 2010.  

The Board is pleased that the comprehensive improvement measures which have been implemented in the last 18 months are now showing results. The Board is committed to continue the improvement processes and to strengthen STX Europe's position as the global leader for the construction of advanced offshore services vessels and large cruise and ferry vessels

Please find enclosed the full version of the second quarter and half year report for 2010.

 

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

Oslo, Norway 

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.

 
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

 
   
Copyright 2008 STX Europe  |  Sitemap