STX Europe – 1Q 2010 Interim Report

STX Europe reported an EBITDA of NOK 88 million for the first quarter of 2010, up from NOK 6 million in the same period last year. Operating revenues amounted to NOK 5 159 million, down 41 percent compared to the first quarter in 2009. The Offshore & Specialized Vessels business area had a record high EBITDA of NOK 293 million and the Cruise & Ferries business area had an EBITDA of NOK -196 million.

In the first quarter of 2010, STX Europe posted operating revenues of NOK 5 159 million, a decrease from the NOK 8 779 million in the corresponding period of 2009. The EBITDA result was NOK 88 million, compared with NOK 6 million last year. The EBITDA margin for the first quarter of 2010 was 1.7 percent.

While the overall result for the Group is unsatisfactory, the Offshore & Specialized Vessels business area achieved a quarterly result exceeding expectations with an EBITDA margin of 11.1 percent, up from 2.3 percent in the first quarter 2009. The business area had solid operational performance and increased its order backlog during the quarter.

Within the Cruise & Ferries business area the EBITDA margin was -8.2 percent, mainly reflecting cost overruns related to certain vessels as well as capacity- and restructuring costs as a consequence of the reduced order backlog.

In March 2010, STX Europe completed a bond issue of NOK 250 million. The proceeds from the bond issue will be used for general corporate purposes. Operations at the yards largely progressed according to plan. However, within the Cruise & Ferries business area, some projects negatively influenced the results.

During the first quarter of 2010 STX Europe delivered a total of seven vessels, three of which have STX Europe’s own design. The order intake was NOK 2 808 million for the quarter, giving an order backlog of NOK 22 321 million comprising 49 vessels and some smaller conversion/maintenance projects.

The Offshore & Specialized Vessels yards had good capacity utilization and managed to increase the order backlog during Q1. The business area is expected to have high utilization throughout 2010 and the outlook for the business area is considered to be good. For the Cruise & Ferries business area the medium- to long term outlook has improved. However, the reduced order backlog creates significant operational challenges and financial losses within the business area for 2010.

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