STX Europe ASA (OSL:AKY) STX Europe Modernising Both Cruise And Merchant Vessels

STX Europe ASA (OSL:AKY) - Three lifecycle services contracts signed

STX Europe has signed contracts for modernising a cruise vessel for Carnival Cruise Lines and two tankers for Neste Shipping.

MS Sensation of CCL will get 98 additional passenger cabin balconies as well as new black and grey water piping during the retrofit. MT Palva and Stena Poseidon of Neste will get crew accommodation refurbishing.

The work onboard the oil tankers will be done while the vessels are in operation. The cruise vessel retrofit will be performed at Grand Bahama Shipyard during January and February 2009.

In addition to ship building STX Europe has established a good reputation in providing lifecycle services. The intention is to respond to the needs of our newbuild customers thorough the whole life cycle of the vessels we have built and also offer upgrading and maintenance service to other customers.

Before the new contracts the orderbook of STX Europe's yards includes four modernisations: the yard in Rauma is converting a ferry to an expedition cruise vessel for Canadian G.A.P Adventures and an offshore barge for Norwegian Aker Stord. The Helsinki yard is converting two ro-ro-vessels for Finnlines.

There are all sorts of new rules and regulations coming out, to which the industry and ships will have to adapt. The market for retrofits and refurbishments according to the new rules as well as ship modernizations and lengthenings are expected to grow significantly over the next few years. In order to respond to the demand STX Europe has a special Lifecycle Services division which already for some years has been offering ship upgrades, modifications and conversions.

"There is tremendous growth in the future demand of lifecycle services, as the newbuildings of earlier decades will need upgrades. Environmental awareness is also an important driver, as well as cutting operational costs", says Vesa Marttinen, VP Lifecycle Services. "STX Europe has solutions and technologies for minimizing environmental impacts" Marttinen concludes.

More information:

STX Europe ASA Torbjorn Andersen, SVP Communications and Investor Relations, phone +47 9288 5542 Elise Heidenreich, VP Investor Relations, phone +47 9514 1147

STX Europe Cruise & Ferries Vesa Marttinen, VP Lifecycle Services, phone +358 40 822 2910 Sinikka Railo, VP Communications, phone +358 40 512 0253

STX Europe ASA is an international shipbuilding group which aims to be the leading builder of cruise and offshore vessels. The group has a strong position in terms of developing state-of-the-art concepts, technology, processes and products for customers around the world. STX Europe ASA comprises 15 shipyards in Finland, France, Norway, Romania, Brazil and Vietnam, and is also a part owner of three yards in Germany and Ukraine. STX Europe has approx. 16,000 employees. Formely known as Aker Yards ASA, the group changed its name to STX Europe in November 2008. The three Finnish yards of STX Europe are in Turku, Rauma and Helsinki. www.stxeurope.com

STX Europe's principal shareholder, the international industrial group STX, has approximately 39,000 employees and aims to be a global top player in its core areas shipping and trade, shipbuilding and machineries, plant and construction, and energy.

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

STX Europe ASA

www.stxeurope.com

ISIN: NO0010222995
Stock Identifier: XOSL.STXEUR