2nd quarter 2009 - Strong improvement in Offshore & Specialized
Vessels
(Thomson Reuters ONE) - STX Europe AS reported an EBITDA result for the Group of NOK 75million for the second quarter of 2009, up from NOK 72 million in thecorresponding period last year. With improved cost control andoverall satisfactory operational performance, the business areaOffshore & Specialized Vessels reported strong progress in thequarter with an EBITDA result of NOK 154 million, up 228 percent fromthe same period last year. Overall, activity levels remained highduring the quarter, with the successful delivery of eleven vessels.Order intake in the quarter was NOK 3 993 million, resulting in anorder backlog at the end of the first half of 2009 of NOK 35 367million comprising 59 vessels.In general, operations at the yards have progressed according toplan. During the first six months of 2009, STX Europe delivered atotal of 22 vessels, of which eleven were delivered in the secondquarter. Order intake was NOK 3 993 million in the quarter, up fromNOK 592 million in the same period of 2008. The order backlog at theend of the period amounted to NOK 35 367 million comprising 59vessels.Within Cruise & Ferries, a negative EBITDA margin in the secondquarter of -2.0 percent reflects increasing capacity costs in bothFinland and France as well as costs related to staff layoffs.Furthermore, some projects have a negative impact on the resultsalthough the majority of ongoing projects within Cruise & Ferries areproceeding as expected.Offshore & Specialized Vessels delivered a satisfying EBITDA marginof 6.5 percent for the second quarter of 2009, up from 1.7 percent inthe same period of 2008.The Board of Directors is pleased that the comprehensive improvementmeasures which have been implemented are starting to show results.This should result in better operational stability, despite thecurrent challenges related to low ordering activity. The Board ofDirectors is committed to continue the improvement processes and tostrengthen the Company's position as the world's premier shipyardgroup for construction of large cruise vessels and advanced offshoreservices vessels.During the quarter, it was announced that vessels built by STX Europehave won several prestigious awards, including Ship of the Year andthe Heyerdahl Environmental Award 2009.In May 2009, it was announced that Mr. Sang-Ho Shin had beenappointed President & CEO of STX Europe. Mr. Shin came from theposition as Chief Operating Officer of the company and brings withhim extensive experience from thirty years in the shipbuildingindustry. Sang-Ho Shin took over from Torstein Dale Sjøtveit.After the end of the quarter, STX Europe sold its 30 percentownership share in Wadan Yards Group AS.Please find enclosed the full version of the second quarter and halfyear report for 2009.--------------- END -----------------Contact information:STX Europe ASKarenlyst allé 57P.O. Box 453 Skøyen0213 Oslo, NorwayTel: + 47 21 02 15 00Investor relations:Elise HeidenreichVice President Investor RelationsTel: +47 21 02 15 19Mob: +47 95 14 11 47DisclaimerThis press release includes and is based, inter alia, onforward-looking information and statements that are subject to risksand uncertainties that could cause actual results to differ. Suchforward-looking information and statements are based on currentexpectations, estimates and projections about global economicconditions, the economic conditions of the regions and industriesthat are major markets for STX Europe AS and its subsidiaries andaffiliates (the "STX Europe Group") lines of business. Theseexpectations, estimates, and projections are generally identifiableby statements containing words such as "expects," "believes,""estimates" or similar expressions. Important factors that couldcause actual results to differ materially from those expectationsinclude, among others, economic and market conditions in thegeographic areas and industries that are or will be major markets forthe STX Europe Group's businesses, oil prices, market acceptance ofnew products and services, changes in governmental regulations,interest rates, fluctuations in currency exchange rates and suchother factors as may be discussed from time to time. Although STXEurope AS believes that its expectations and the information in thisPress release were based upon reasonable assumptions at the time whenthey were made, it can give no assurance that those expectations willbe achieved or that the actual results will be as set out in thisPress release. Neither STX Europe AS nor any other company within theSTX Europe Group is making any representation or warranty, expressedor implied, as to the accuracy, reliability or completeness of theinformation in the Press release, and neither STX Europe AS, anyother company within the STX Europe Group nor any of their directors,officers or employees will have any liability to you or any otherpersons resulting from your use of the information in the Pressrelease.STX Europe AS undertakes no obligation to publicly update or reviseany 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 thecommon brand or trade mark for most of these entities. In this pressrelease we may sometimes use "STX Europe," "Group, "we," or "us,"when we refer to STX Europe companies in general or where no usefulpurpose is served by identifying any particular STX Europe company.http://hugin.info/134984/R/1333152/315917.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 06.08.2009 - 14:01 Uhr
Sprache: Deutsch
News-ID 4434
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