STX OSV OBTAINS ENVIRONMENTAL LICENSE FOR SHIPYARD CONSTRUCTION IN BRAZIL

Singapore, 1 April, 2011  – STX OSV Holdings Limited ("STX OSV"), one of the major global designers and shipbuilders of offshore and specialized vessels, is pleased to announce 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.
Source: STX OSV