Nov. 3, 2009 (Hugin AS) -- STX Europe (OOTC:STXUY) 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. (NYSE:RCL)
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.
