STX OSV Makes Another Step Towards Opening New Shipyard in Brazil

STX OSV Holdings Limited (“STX OSV”), one of the major global designers and shipbuilders of offshore and specialized vessels, announces that it has reached a major milestone in its planned development of a second shipyard in Brazil.

On 30 March 2011, STX OSV’s subsidiary, Estaleiro Promar SA, has been granted the environmental license for the construction of the new shipyard in Suape, in the state of Pernambuco, Brazil.

With the environmental license in place, the yard development project will progress without delay. Shipyard construction is expected to start within 2Q 2011, with construction of the first vessels estimated to start in 2012 and  full operations of the new shipyard scheduled for 2013.

The first project to be realized at the new shipyard will be the construction of eight LPG carriers for Transpetro. The contracts with Transpetro will be made effective following financing approval from Brazil’s Merchant Marine  Fund (FMM).

Upon completion of the project for Transpetro, the new yard will be utilized for offshore vessel construction, approximately tripling STX OSV’s delivery capacity in Brazil and reinforcing its strong position in this important  growth market.

About STX OSV

STX OSV Holdings Limited (“STX OSV”), together with its subsidiaries, is one of the major global designers and shipbuilders of offshore and specialized vessels used in the offshore oil and gas exploration and production and oil services industries. Headquartered in Norway and with approximately 9,000 employees, STX OSV operates nine strategically located shipbuilding facilities, including five in Norway, two in Romania, one in Brazil and one in Vietnam.

STX OSV’s long shipbuilding traditions, cutting-edge innovation and technology coupled with its global operations ensure access to the fastest growing oil exploration markets. The company’s expertise and track record in  constructing complex and highly customized offshore and specialized vessels have earned it recognition from industry players and enabled it to build strong relationships with its customers.

STX OSV was listed on the Main Board of Singapore Exchange (SGX) on 12 November 2010. STX OSV’s major shareholder STX Europe is part of the international STX Group. STX Group has approximately 54,000 employees, and aims to be a global top player in its core areas; shipping and trade, shipbuilding and machineries, plant and construction, and energy.

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Source:STX OSV , April 1, 2011;