STX Europe had revenues of NOK 4 973 million in the first quarter of 2011, compared with NOK 5 159 million in the first quarter of 2010.

In the first quarter 2011, STX Europe achieved an EBITDA of NOK 424 million, up from NOK 88 million

in the corresponding quarter of 2010. The profit before tax was NOK 334 million in the first quarter compared with NOK -151 million in the same period last year.

The result in the first quarter 2010 reflects record high earnings and strong results in STX OSV, while the results in the Cruise & Ferries business area has improved significantly from 2010, but is still weak mainly due to lower overall activity level and consequent capacity costs.

The order intake was NOK 1 708 million during the first quarter, which is a decrease from NOK 2 808 million in the same period last year.

STX Europe successfully delivered 7 vessels and 1 conversion projects during Q1 2011. The order backlog at the end of first quarter 2011 consisted of 57 vessels for a total amount of NOK 27 994 million.

Highlights:

- EBITDA of NOK 424 million in Q1 2011 compared with NOK 88 million in Q1  2010.

-  Profit before tax of NOK 334 million for Q1 2011 (Q1 2010: NOK -151 million).

-  Orderbook situation:  Order intake of NOK 1 708 million in Q1 2010 (Q1 2010: NOK 2 808 million).

  7 vessels successfully delivered in first quarter 2011.

  Order backlog of 57 vessels end of first quarter 2011 totalling NOK 27 994 million (Q1 2010: NOK 22 321 million)

-  Singapore listed STX OSV Holdings Limited ("STX OSV"), had continued strong performance in Q1 2011 with an EBITDA result of NOK 439 million.

-   Positive development of the shares of STX OSV, with a share price increase of 4.4% during the first quarter - to a closing price at 31 March 2011 of S$1.19. STX Europe holds a 69.02% equity stake in STX OSV which has a market capitalization of approx. NOK 6.1 billion as of 11 May 2011.

-  Cruise & Ferries had much improved results compared to previous periods, but still making losses. The market and order book situation in Cruise & Ferries is still challenging, especially in STX Finland.

-  Consolidated interest bearing liabilities (ex. construction loans) reduced by NOK 305 million (-16.7%) to NOK 1 824 million in first quarter 2011.