STX OSV expects to benefit from demand for larger, more complex vessels
STX OSV Holdings Limited (“STX OSV”, the “Group”), a major global designer and shipbuilder of offshore and specialized vessels headquartered
in Norway, is pleased to report robust order intake for the first quarter ended 31 March 2012 (“1Q 2012”) amounting to NOK 2.34 billion. As at 31 March 2012, STX OSV’s total order book of 53 vessels is worth NOK 16,036 million, the Group press release said.
Operating revenues were slightly lower than for the same period last year (“1Q 2011”), due to normal fluctuations in the project portfolio, and amounted to NOK 2,811 million. The Group’s EBITDA margin (EBITDA to total revenue) held steady at 14.0% compared to EBITDA margin of 13.8% for 1Q 2011.
The robust order intake signals a possible rebound in order activity for high-end offshore support vessels, which experienced a slowdown during the third and fourth quarters of 2011, although the Group has yet to witness a sustained higher level of new order intake.
Mr Roy Reite, Chief Executive Officer and Executive Director of STX OSV, said, “Despite persistent macroeconomic uncertainty, we believe the financing climate has somewhat improved, and funding is available to the strongest customers and the best projects. We see renewed demand for larger, more complex and customized vessels, which caters perfectly to STX OSV’s core capabilities. We remain confident in our ability to seize opportunities in a market upturn, and will continue to invest in technology to reinforce our competitive edge in the industry.”