STX Europe 4Q 2010 strong improvement

Successful IPO in Singapore of STX OSV Holdings Limited ("STX OSV") - the former Offshore and Specialized Vessels division. STX Europe maintain a 69.02% equity stake in STX OSV which currently has a market capitalization of approx. NOK 6.0 billion.

STX OSV had strong performance in 2010. Cruise & Ferries has unsatisfactory results, but STX France experienced significantly improved order intake 2010, while the orderbook situation in STX Finland is challenging.
Arctech Helsinki Shipyard established - a 50/50 joint venture between STX Finland and United Shipbuilding Corporation of Russia - acquiring the STX's Helsinki shipyard.
Consolidated interest bearing liabilities reduced by NOK 800 million (-27.3%) to NOK 2 129 million in fourth quarter 2010, and further reduced by NOK 300 million in Q1 2011.
EBITDA of NOK 912 million for 2010 compared with NOK 133 million in 2009.
Profit before tax of NOK 241 million for 2010 (2009: NOK -875 million).
Orderbook situation:
-  Order intake in NOK 26 833 million for 2010 (2009: NOK 8 219 million).
-  25 vessels successfully delivered in 2010.
-  Order backlog of 59 vessels totaling NOK 31 160 million (2009: NOK 25 475 million).