For Immediate Release

STX OSV SECURES CONTRACTS FOR FOUR PLATFORM SUPPLY VESSELS

FOR ISLAND OFFSHORE

Singapore, 30 October, 2011

the major global designers and shipbuilders of offshore and specialized vessels, is

pleased to announce that it has secured new contracts for the construction of four

Platform Supply Vessels (PSV) for Island Offshore.

The combined value of all four contracts exceeds NOK 1 billion. The first two

contracts are expected to become effective in November 2011, and the remaining

two in January 2012. All four contracts are subject to financing approvals.

The vessels will be of Rolls Royce’s UT 717 CD design. The overall length of each

vessel will be 84.3 meters with a beam of 17 meters, and the deadweight will be

approximately 3800 DWT.

Deliveries are scheduled from STX OSV Brevik in Norway in the third and fourth

quarter 2013 respectively for the first two vessels, and in the first quarter 2014 for

the other two vessels. The hulls of the vessels will be delivered from STX OSV

Braila in Romania.

The Island Offshore Group is a leading provider of services to the offshore industry

managing a fleet of 20 high quality vessels with an average age of less than four

years, currently operating in Brazil, Mexico, USA and in the North Sea. STX OSV

has delivered more than 25 vessels to Island Offshore over the past ten years, and

already has four vessels under construction for this long-standing client prior to

securing the new contracts.

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For further information please contact:– STX OSV Holdings Limited (“STX OSV”), one of

STX OSV AS

Holger Dilling

SVP Investor Relations

Mobile: +47 90 61 92 55

holger.dilling@stxosv.com