Disclaimer This presentation should be read in conjunction with STX - PowerPoint PPT Presentation

Disclaimer This presentation should be read in conjunction with STX OSV Holdings Limited’s results for the period ended 31 December 2010 as stated in the Statutory Financial Reports. Financial figures are presented according to SFRS. This presentation may contain forward-looking statements that involve risks and uncertainties. Such forward-looking statements and financial information involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward- looking statements and financial information. Such forward-looking statements and financial information are based on numerous assumptions regarding our present and future business strategies and the environment in which we will operate in the future. As these statements and financial information reflect our current views concerning future events, these statements and financial information necessarily involve risks, uncertainties and assumptions. Actual future performance could differ materially from these forward-looking statements and financial information. You are cautioned not to place undue reliance on these forward looking statements, which are based on the Company’s current view of future events. 27.04.2011 | Page 2

STX OSV Holdings Limited Annual General Meeting 27 April 2011

About STX OSV � One of the major global designers and shipbuilders of Offshore & Specialized Vessels � Headquartered in Norway � Approx. 9,000 employees � Delivered more than 200 vessels since 2000 � One of few high-end OSV ship- builders with in-house vessel design capabilities � Listed on the Main Board of Singapore Exchange (SGX) on 12 November 2010 27.04.2011 | Page 4

Approx. 9,000 employees in 6 countries Vietnam Norway 1 shipyard: � Head office � Vung Tau 5 shipyards: � Aukra � Brattvaag � Brevik Singapore � � Registered Langsten � office Søviknes � Sales office Additional operations: � Design � Electro � Trading Brazil Romania India � Piping � 2 shipyards: Electro 2 shipyards (1 operational): � Accommodation � Braila � Niterói � Tulcea � Suape (under construction) Additional operations: Additional operations: � Electro � Electro � Piping 27.04.2011 | Page 5

Core products Anchor Handling Tug Supply (AHTS) Vessels Platform Supply Vessels (PSV) Offshore Subsea Construction Vessels (OSCV) Other specialized vessels 27.04.2011 | Page 6

Products & services Ship design Electrical engineering, power&automation Piping Accommodation Trading – design & equipment packages 27.04.2011 | Page 7

Skandi Aker – Ship of the Year 2010 Offshore Subsea Construction Vessel Main particulars: Built by: STX OSV Søviknes Length overall 156.90 m Length between p.p. 137.70 m Owner: DOFCON Breadth moulded 27.00 m Depth main deck 12.00 m Yard no.: 705 Max. scantling draught 8.50 m Delivery: January 2010 Speed at draft 5.5 m 18 knots Design: OSCV 06 L 27.04.2011 | Page 8

Business update 27.04.2011 | Page 9

Strong operational performance in 2010 � Generally good project execution � Strengthened integration in the value chain Romania – Norway; good collaboration on design, engineering and production � Successful training programs and development of the organization in Vietnam � New levels of technological complexity successfully mastered in Brazil � Good quality and timely deliveries from suppliers � High rate of on-time deliveries � More than 95% of vessels delivered without penalties � Several vessels delivered before contractually agreed delivery date � Positive trend in key HSE (Health, Safety, Environment) indicators 27.04.2011 | Page 10

Order book development Order book as of 31 March 2011 (# of vessels) Order intake (NOK million) 28 Vessels 15,461 27 Vessels 8 orders for LPG carriers to 12,555 be constructed at new yard 2014-16 8 in Brazil – 4 Vessels 8 Vessels not yet effective 5,692 4,458 2013 6 2007 2008 2009 2010 + Contracts for 3 vessels Order book (NOK million) 2012 21 announced on 8 April 2011 27,363 22,389 2011 6 19 17,031 16,411 2010 delivered 21 0 10 20 30 2007 2008 2009 2010 27.04.2011 | Page 11

Order book by region and vessel type – 1Q 2011 Order book Deliveries Order intake Order book By Region 31 Dec. 2010 1Q 2011 1Q 2011 31 Mar. 2011 Norway / Romania 34 4 3 33 Brazil 9 1 - 8 Vietnam 6 1 - 5 Total 49 6 3 46 Order book Deliveries Order intake Order book By Vessel Type 31 Dec. 2010 1Q 2011 1Q 2011 31 Mar. 2011 AHTS 12 2 - 10 PSV 26 2 3 27 OSCV 4 2 - 2 Other 7 - - 7 Total 49 6 3 46 27.04.2011 | Page 12

Full control of Vietnam subsidiary acquired in 4Q 2010 � Acquisition of remaining 30% shares in STX OSV Singapore Pte. Ltd gives STX OSV full control over Vietnam yard � S$ 6.6 million use of proceeds from the IPO � Yard capacity about 7000-10,000 tons steel weight per year � 650 employees � Hull production and outfitting capacity about 3-4 vessels per year 27.04.2011 | Page 13

Development of Brazil new yard project on track � New shipyard development at Suape, Pernambuco, Brazil � Planning and permitting process in progress � Environmental license for construction of the new shipyard was granted on 30 March 2011 � Shipyard construction is expected to start within 2Q 2011 � Construction of the first vessels estimated to start in 2012 � Full operations of the new shipyard scheduled for 2013 � Contracts with Transpetro for construction of 8 LPG carriers to be made effective following approvals from Brazil’s Merchant Marine Fund (FMM) 27.04.2011 | Page 14

Existing yard in Niterói, Rio de Janeiro 65,000 m 2 effective area � � ~6000 t/year steel processing capacity � 210 m quay length 27.04.2011 | Page 15

New yard at Suape, Pernambuco (illustration) 250,000 m 2 total area � 26,000 m 2 covered area � � 20,000 t/year steel processing capacity � 300 m quay length Note: Preliminary yard layout and specifications 27.04.2011 | Page 16

FY 2010 Financial highlights 27.04.2011 | Page 17

Much improved margins on stable revenues Revenues (NOK million) EBITDA (NOK million) and EBITDA Margin (%) 14 000 1 330 1 400 14% 11 895 11 881 12 000 1 200 12% 10 000 1 000 10% 11,2 % 8 000 800 8% 648 6 000 600 6% 4 000 400 4% 5,4 % 2 000 200 2% 0 0 0% FY 2009 FY 2010 FY 2009 FY 2010 Order Intake (NOK million) 14 000 12 555 12 000 10 000 8 000 6 000 4 458 4 000 2 000 0 FY 2009 FY 2010 27.04.2011 | Page 18

Cash and cash equivalents, and construction loans Net Cash (NOK million) 1 Construction Loans (NOK million) 3 000 8 000 2 541 6 102 2 500 6 000 2 000 4 398 1 500 4 000 987 1 000 2 000 500 0 0 FY 2009 FY 2010 FY 2009 FY 2010 (1) Cash and cash equivalents less sum of short-term and long-term Cash and Cash E quivalents (NOK million) interest bearing liabilities, excluding construction financing 2 851 3 000 300 2 500 2 000 1 393 1 500 126 2 551 1 000 1 267 500 0 FY 2009 FY 2010 Restricted Cash Non-restricted Cash 27.04.2011 | Page 19

Outlook 27.04.2011 | Page 20

Outlook � STX OSV has experienced a significant order intake in 2010 despite a difficult market environment � In line with industry expectations for utilization and day rates for PSVs and AHTS vessels to pick up in 2012, we expect new order momentum to accelerate towards the second half of 2011 � Demand for OSCVs is also likely to improve through 2011 and accelerate in 2012-13 � The shift towards deeper water exploration and operations in harsh environments will continue to drive order momentum for advanced vessels � STX OSV is believed to be fundamentally well-positioned to seize opportunities when the market picks up, and reinforce its market position 27.04.2011 | Page 21

Thank you for your attention