STX Europe AS reported an EBITDA result NOK 96 million for the third
quarter of 2009, up from NOK 45 million in the corresponding period
last year. Offshore & Specialized Vessels showed continued progress
in the quarter with an EBITDA result of NOK 163 million, which was an
improvement from the NOK -84 million in the corresponding period last
year. During the third quarter STX Europe successfully delivered five
vessels reflecting a continuous high level of activity and good
operational performance. Order intake in the quarter was NOK 400
million, resulting in an order backlog at the end of the first nine
months of 2009 of NOK 28 344 million comprising 54 vessels.

After the reporting period, at the end of October 2009, STX Europe
successfully delivered the world's largest cruise ship, "Oasis of the
Seas", from its yard in Finland to Royal Caribbean Cruises.


During the first nine months of 2009, STX Europe had revenues of  NOK
21 815 million, a slight decrease from the corresponding period  last
year. STX Europe delivered a total of five vessels in third  quarter.
The order  intake was  NOK  4 773  million  year to  date  September,
compared with NOK   8  806 million in  the corresponding period  last
year. The order backlog at the  end of the period amounted to  NOK 28
344 million, comprising 54 vessels.

The Cruise & Ferries  segment achieved had an  EBITDA margin for  the
third quarter of -1.2 percent. This reflects lower utilization  level
at the  cruise and  ferry  yards in  Finland  and France  and,  thus,
increasing capacity costs.  The production and  deliveries of  cruise
and ferry vessels  have overall  been satisfactory  and according  to
plan.

The EBITDA margin for Offshore & Specialized Vessels was 5.9  percent
for the third quarter of 2009,  as compared with -3.1 percent in  the
same period  of  2008  -  reflecting  improved  operations  and  high
activity level.

The Norwegian  Florø  shipyard  has  a  remaining  orderbook  of  two
vessels, where the last is scheduled  for delivery in March 2010.  In
order to meet new demand, the yard will undergo restructuring and  in
the future  specialize in  service and  maintenance of  offshore  and
traditional commercial vessels.

The Board of Directors is  pleased that the improvement measures  are
continuing to  result  in  better operational  performance  and  with
satisfactory financial  performance for  the Offshore  &  Specialized
Vessels segment. While the Board of Directors believes the medium and
long term outlook for the Cruise & Ferries segment is promising,  the
reduced capacity utilization at these yards create certain short term
challenges. The Board of Directors is committed to continue with  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.


Please find enclosed the full version of the third quarter report for
2009.


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


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 & Organisation
Tel: +47 21 02 15 00
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 announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.
http://hugin.info/134984/R/1352174/327038.pdf


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