STX OSV Shows STX Europe’s Only Signs of Life

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November 15, 2012

In early October, STX OSV delivered the Far Solitaire to Farstad Shipping. The vessel was named “Ship of The Year” at the SMM conference for its chemical compliance. Photo: STX OSV

STX Europe, Europe’s largest shipbuilding group specializing in cruise ships, ferries, and specialized vessels, announced Thursday the group’s third quarter results, reporting that its STX OSV division has kept a good margin while Cruise & Ferries continues to struggle with lower than expected activity levels.

STX Europe achieved operating revenues of NOK 4,480 million in third quarter 2012, a decrease of NOK 763 million compared to the same period last year.

Third quarter shows that healthy EBITDA results continue from STX OSV, of which STX Europe AS is the majority shareholder, but the result of Cruise & Ferries business area has been hit badly by lower than expected activity levels. STX OSV had an EBITDA of NOK 332 million for Q3 2012, compared to NOK 589 million for the same period last year, while the Cruise & Ferries division reported an EBITDA of NOK -3 million for Q3 2012, compared to NOK 96 million last year.

STX Europe says that its order intake was NOK 1,097 million for the quarter, compared to NOK 4,190 million last year. The group successfully delivered a total of 9 vessels and 2 new vessel orders were secured in Q3 2012. STX Europe’s order backlog included 58 vessels at the end of the quarter totaling NOK 26,304 million.

So far in the fourth quarter STX Europe has secured an additional two vessel contracts from STX OSV, one cruise vessel contract from Cruise & Ferries, and delivered three more vessels.


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