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STX EUROPE 1Q 2011 - IMPROVEMENTS CONTINUING
12.5.2011


Highlights:

 

- 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).

-  Orderbook situation:

  •   Order intake of NOK 1 708 million in Q1 2010 (Q1 2010: NOK 2 808 million).
  •   7 vessels successfully delivered in first quarter 2011.
  •   Order backlog of 57 vessels end of first quarter 2011 totalling NOK 27 994 million (Q1 2010: NOK 22 321 million)

-  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, with a share price increase of 4.4% during the first quarter - to a closing price at 31 March 2011 of S$1.19. STX Europe holds a 69.02% equity stake in STX OSV which has a market capitalization of approx. NOK 6.1 billion as of 11 May 2011.

-  Cruise & Ferries had much improved results compared to previous periods, but still making losses. The market and order book situation in Cruise & Ferries is still challenging, especially in STX Finland.

-  Consolidated interest bearing liabilities (ex. construction loans) reduced by NOK 305 million (-16.7%) to NOK 1 824 million in first quarter 2011. 

 

Please find enclosed the full version of the 1st quarter 2011 report & preliminary 2011 results.

 

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Contact information:

Headquarter:
STX Europe AS
Karenslyst allé 57
P.O. Box 453 Skøyen
Oslo, Norway

Investor relations:
Hans-Jørgen Wibstad
Senior Vice President Finance
Mob: +47 91 68 96 61   


 
   
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