STX Europe achieved operating revenues of NOK 5 280 million in first quarter 2012, an increase of NOK 307 million compared to corresponding period 2011 (Q1 2011: NOK 4 973 million). Profit before tax for the first quarter 2012 of NOK 303 million (Q1 2011: NOK 334 million).

First quarter results reflect continued strong earnings from STX OSV, whilst Cruise & Ferries business area results still need to be improved due to overall lower activity levels than expected. Operational performance is solid, but there is a continued focus to further strengthen the results, especially by way of securing new orders.

•    EBITDA of NOK 391 million for Q1 2012
    Cruise & Ferries with increased EBITDA to NOK 5 million for Q1 2012 (Q1 2011: NOK -20 million)
    STX OSV Holdings Limited (STX OSV) with EBITDA of NOK 393 million for Q1 2012 (Q1 2011: NOK 439 million)

•    Order book situation:
    Order intake of NOK 2 443 million for Q1 2012 (Q1 2011: NOK 1 708 million)
    6 vessels successfully delivered and 4 vessels secured in Q1 2012
    Order backlog of 67 vessels at the end of Q1 2012 totaling NOK 29 925 million (Q1 2011: 27 994 million)