VARD HOLDINGS LTD 
By For Immediate Release
STX OSV SECURES CONTRACTS FOR TWO OFFSHORE SUBSEA CONSTRUCTION VESSELS FOR SIEM OFFSHORE Singapore, 10 October, 2012 - STX OSV Holdings Limited ("STX OSV"), one of the major global designers and shipbuilders of offshore and specialized vessels, is pleased to announce that Siem Offshore has declared options for the design and construction of two additional Offshore Subsea Construction Vessels ("OSCV").The vessels will be equipped with a 250t AHC crane and with Launch and Recovery Systems ("LARS") for Remotely Operated Underwater Vehicles ("ROV"). Deliveries are scheduled from STX OSV Brattvaag in Norway in 2Q 2014. The hulls of the vessels will be delivered from STX OSV Tulcea in Romania.
STX OSV already has two OSCVs under construction for the same customer in
Norway, and two Platform Supply Vessels ("PSV") in Brazil.
Siem Offshore Inc. is an owner and operator of modern support vessels for the global oil and gas service industry. Siem Offshore Inc. currently has a fleet of 37 vessels in operation and 8 vessels under construction. The fleet includes large AHTS vessels, OSCVs, PSVs, and other support vessels. Siem Offshore is listed on the Oslo Stock Exchange.
- Ends -
For further information please contact:
STX OSV ASHolger Dilling
SVP Investor Relations
Mobile: +47 90 61 92 55 holger.dilling@stxosv.com
Hege Anita Akselvoll VP Communications Mobile: +47 91 69 00 51
Registered address: Visiting address:
STX OSV Holdings Limited STX OSV Holdings Limited50 Raffles Place c/o STX OSV AS
#32-01 Singapore Land Tower Molovegen 6
Singapore 048623 NO-6004 Ålesund
Company Reg. Number: 201012504K Norway
KREAB GAVIN ANDERSONJenny Yeo
Mobile: +65 9003 0147 jyeo@kreabgavinanderson.com
Angeline Yang
Mobile: +65 9105 6667 ayang@kreabgavinanderson.com
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.
Sponsorship Statement: Goldman Sachs (Singapore) Pte. ("Goldman Sachs") was the Sole Global Coordinator, Bookrunner and Issue Manager for the initial public offering. Goldman Sachs and Nordea Bank Finland Plc, Singapore Branch, were the Joint Lead Managers and Underwriters. The Royal Bank of Scotland N.V., Singapore Branch, was the Co-Lead Manager and Underwriter and DBS Bank Ltd. was the Singapore Public Offer Coordinator and Subunderwriter. The initial public offering of STX OSV was sponsored by
Goldman Sachs, who assumes no responsibility for the contents of this announcement.
Registered address: Visiting address:
STX OSV Holdings Limited STX OSV Holdings Limited50 Raffles Place c/o STX OSV AS
#32-01 Singapore Land Tower Molovegen 6
Singapore 048623 NO-6004 Ålesund
Company Reg. Number: 201012504K Norway
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