STX OSV comments on rumors of sale

stxosvworkersBoth Singapore-listed STX OSV and its majority shareholder, Oslo-listed STX Europe, have moved to downplay media reports suggesting that a sale of the company is imminent -- likely to either Keppel or Sembawang.

Today, STX OSV Holdings Ltd issued a Singapore stock exchange announcement that referred to a January 17 Reuters article entitled "STX Said to Hire JPMorgan, Standard Chartered for STX OSV Sale" and a January 12 Singapore Business Times article entitled "STX OSV's rise spurs stake sale expectation".

STX OSV said:

"The company has been informed that its majority shareholder, STX Europe AS is exploring a potential sale of its shares in the company and has retained JPMorgan Chase Bank, N.A., Hong Kong Branch and Standard Chartered Securities Korea Limited in connection therewith. However, the company has been informed by the majority shareholder that, at this juncture, there is no certainty that the aforementioned sale of its shares in the company would take place.

"In the event that the company is aware of any significant developments in this regard, it will make the appropriate announcement in compliance with the SGX-ST Listing Manual.

"The company also wishes to advise shareholders of the company to exercise caution in relation to market rumors, particularly in the context of dealing in the shares of the company."

STX Europe issued an Oslo stock exchange statement that said, in part:

"In order to ensure that consistent information is provided by the STX Europe group of companies, STX Europe AS confirms that we as part of our ordinary course assessment of available strategies are exploring the viability of a sale of shares in the Company, and that we have retained JPMorgan Chase Bank, N.A., Hong Kong Branch and Standard Chartered Securities Korea Limited in connection therewith. However, at this juncture STX Europe emphasizes that there is no certainty that a sale of shares in the company will take place."

Singapore's Keppel Corporation Limited also issued a Singapore exchange announcement, refering to a Business Times article published today entitled: "Local yards may be STX OSV suitors".

Keppel stated that currently it is not making a bid for a stake in STX OSV.

"The company reiterates," said the statement, "that, in the course of its business, it will explore various investments and acquisitions proposals. If and when there are any material developments which warrant a disclosure, the Company would make the appropriate announcement on the SGX-ST in accordance with the rules of the SGX-ST Listing Manual."

January 18, 2012

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