Norway: STX OSV Profit Surges

February 15, 2012

Norway’s STX OSV, a major global designer and shipbuilder of offshore and specialized vessels, said that its operating revenue reached NOK 3.11 billion in 4Q 2011 and NOK 12.40 billion for FY 2011 with the successful delivery of 23 vessels during the year.

The Group’s 4Q 2011 operating profit more than doubled from a year ago to NOK 820 million and grew by 83% to NOK 2.21 billion for the full year.

EBITDA increased to NOK 876 million for 4Q 2011 and NOK 2.36 billion for FY 2011, yielding an EBITDA margin of 19.0% for the full year.

Earnings per share came in at NOK 1.35 (SGD 29.3 cents). The increase from FY 2010 was largely due to the Group’s stable operating performance, improved productivity levels and well-utilized yards.

Successful project deliveries and the release of risk contingencies to profit at the end of complex projects contributed to the exceptional financial results, the company said in a statement.

Mr Roy Reite, Chief Executive Officer and Executive Director of STX OSV, commented, “Despite ongoing economic headwinds, we have observed robust activity in the deepwater offshore oil and gas exploration and production sector, which we believe will continue to underpin healthy demand for our proprietary designs and vessels.”