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.
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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.
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