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CURRENT ISSUE

ARM MERCHANT SHIPS?
Should merchant ships transiting high risk areas carry small arms for defense against pirates?

Selected crew should be trained and have guns available
Professional armed security teams should be hired
No guns on merchant ships, ever

May 18, 2009

STX Europe has new President and CEO

STX shipbuilding veteran Sang-Ho Shin is replacing Torstein Dale Sjøtveit as President & CEO of STX Europe.

Mr. Sjøtveit, who came to what was then Aker Yards ASA from Norsk Hydro corporate management, has resigned with the completion of a thorough transformation process in the STX Europe shipbuilding group.

Mr. Sang-Ho Shin joined STX Europe in September 2008 as Chief Operating Officer (COO), bringing to the role extensive shipbuilding and machinery industry experience. Prior to joining STX Europe, he served as the Vice President of STX Shipbuilding.

Torstein Dale Sjøtveit was asked to take up the position as President & CEO with the former Aker Yards ASA shipbuilding group in the spring of 2008. At the time, the group had an unclear ownership structure, and faced financial losses in several projects and operational challenges.

Since Mr. Sjøtveit entered his position last summer, several major change processes have been completed. The company has implemented operational improvements and established a solid ownership structure, including getting the French government as investors and co-owners in the two shipyards in France. The company has become a fully integrated part of the STX Business Group, and has delisted from the Oslo stock exchange and changed its name to STX Europe.

"After completing the restructuring, STX Europe is ready for a new phase and I consider this to be the right time for me to move on," said Mt. Sjøtveit.

"Mr. Sj¿tveit has been instrumental for the successful execution of the turn-around processes. He has brought valuable contributions to the Group in this transition period, improving the shipbuilding operations and integrating the business with STX", said the Chairman of STX Europe Mr. Kyung Jin Hong.

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