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EMISSION REDUCTIONS
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August 24, 2010

Leadership change at STX Europe

STX Europe AS has today appointed Mr. Su-Jou Kim as its new President and CEO. Su-Jou Kim, who starts in his new position immediately, succeeds Mr. Sang-Ho Shin, who has been appointed COO of STX Offshore & Shipbuilding and head of STX's shipbuilding operations in Korea.

Mr. Shin, who joined STX Europe in September 2008 as COO and became President & CEO in May 2009, will remain a Board member of STX Europe AS.

Su-Jou Kim (53) has held various management positions within the STX Business Group - most recently as Head of Business Development and Deputy President of STX Corporation. Mr Kim is well known with STX Europe since he spent significant amounts of time with the company in 2008, including holding the position of Chairman of STX Europe AS from September 2008 to March 2009.

Mr. In-Sung Lee, Chairman of STX Europe, says:

"I would like to thank Sang-Ho Shin for his major efforts and success in developing and improving the operations of STX Europe during his two years with the company. At the same time, we are very grateful that Su-Jou Kim will join STX Europe as its new President & CEO. Mr Kim has already significant experience and knowledge about STX Europe, having spent much time with the company in 2008, including being Chairman of STX Europe AS. I am therefore confident that STX Europe will continue its positive development under his leadership."


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