STX Europe AS reported an EBITDA result for the Group of NOK 75
million for the second quarter of 2009, up from NOK 72 million in the
corresponding period last year. With improved cost control and
overall satisfactory operational performance, the business area
Offshore & Specialized Vessels reported strong progress in the
quarter with an EBITDA result of NOK 154 million, up 228 percent from
the same period last year. Overall, activity levels remained high
during the quarter, with the successful delivery of eleven vessels.
Order intake in the quarter was NOK 3 993 million, resulting in an
order backlog at the end of the first half of 2009 of NOK 35 367
million comprising 59 vessels.
In general, operations at the yards have progressed according to
plan. During the first six months of 2009, STX Europe delivered a
total of 22 vessels, of which eleven were delivered in the second
quarter. Order intake was NOK 3 993 million in the quarter, up from
NOK 592 million in the same period of 2008. The order backlog at the
end of the period amounted to NOK 35 367 million comprising 59
vessels.
Within Cruise & Ferries, a negative EBITDA margin in the second
quarter of -2.0 percent reflects increasing capacity costs in both
Finland and France as well as costs related to staff layoffs.
Furthermore, some projects have a negative impact on the results
although the majority of ongoing projects within Cruise & Ferries are
proceeding as expected.
Offshore & Specialized Vessels delivered a satisfying EBITDA margin
of 6.5 percent for the second quarter of 2009, up from 1.7 percent in
the same period of 2008.
The Board of Directors is pleased that the comprehensive improvement
measures which have been implemented are starting to show results.
This should result in better operational stability, despite the
current challenges related to low ordering activity. The Board of
Directors is committed to continue 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.
During the quarter, it was announced that vessels built by STX Europe
have won several prestigious awards, including Ship of the Year and
the Heyerdahl Environmental Award 2009.
In May 2009, it was announced that Mr. Sang-Ho Shin had been
appointed President & CEO of STX Europe. Mr. Shin came from the
position as Chief Operating Officer of the company and brings with
him extensive experience from thirty years in the shipbuilding
industry. Sang-Ho Shin took over from Torstein Dale Sjøtveit.
After the end of the quarter, STX Europe sold its 30 percent
ownership share in Wadan Yards Group AS.
Please find enclosed the full version of the second quarter and half
year report for 2009.
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Contact information:
STX Europe AS
Karenlyst allé 57
P.O. Box 453 Skøyen
0213 Oslo, Norway
Tel: + 47 21 02 15 00
Investor relations:
Elise Heidenreich
Vice President Investor Relations
Tel: +47 21 02 15 19
Mob: +47 95 14 11 47
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 announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
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