In the fourth quarter 2009 STX Europe reported an EBITDA of –US$7.3 million compared with -US$121.4 in the fourth quarter of 2008.

Offshore and Specialised Vessels continue to perform well with an EBITDA result of US$41.6 million in the fourth quarter and a preliminary 2009 EBITDA of US$107.2 million (minus US$4.8 million in 2008).

The cruise and ferries business area reported a fourth quarter EBITDA of  minus US$17.3 million, and a preliminary 2009 EBITDA of minus US$34.8 million (US$17.1 in 2008).

At the cruise and ferries yards, a reduced orderbook combined with low order intake has resulted in restructuring and capacity adjustments.

Satisfactory EBITDA in the offshore and specialized vessels business area continued in the fourth quarter, while the cruise and ferries business area is facing challenges with lower capacity utilisation and thereby high capacity costs.

Furthermore, the fourth quarter result was marked by major restructuring costs and significant loss provisions amounting to  minus US$80.8 million ( minus US$88.3 million for the full year).

STX Europe delivered seven vessels during the fourth quarter and a total of 38 vessels in 2009. The order intake in the fourth quarter was US$690 million, a significant increase from US$66.7 million in the third quarter 2009.

The offshore and specialised vessels business area contributed the majority of the order intake, reflecting good competitiveness within its specialty niches.

The order intake in 2009 totalled US$1.48 billion down from US$1.68 billion  in 2008.

The order backlog at the end of 2009 consisted of 52 vessels, one maintenance contract and two conversion projects for a total amount of US$4.11 billion.

By securing contracts for ten new vessels and three smaller projects, the order intake in 2009 has been notable considering the very difficult market situation for all business areas.

The Board of Directors said that it was pleased with the offshore and specialised vessels results and considered the outlook to be satisfactory although it noted the need to secure new contracts in 2010.