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.


--------------- END -----------------

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.
http://hugin.info/134984/R/1333152/315917.pdf


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