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    STX OSV secures environmental licence to build new Brazilian yard

    Yard News // April 12, 2011

    STX OSV Holdings Limited has reached a major milestone in its planned development of a second shipyard in Brazil.

    On 30 March 2011, STX OSVís subsidiary, Estaleiro Promar SA, was granted an environmental licence for construction of its new shipyard in Suape, in the
    state of Pernambuco, Brazil.

    With the environmental licence in place, the project can now progress without delay.

    Construction of the yard is expected to start in the second quarter of 2011, with
    construction of the first vessels estimated to start in 2012 and full operations at the yard scheduled for 2013.

    The first project to be realized at the new shipyard will be the construction of eight
    LPG carriers for Transpetro. The contracts with Transpetro will be made effective
    following financing approval from Brazilís Merchant Marine Fund (FMM).

    On completion of the project for Transpetro, the new yard will be utilized for
    construction of offshore vessels, approximately tripling STX OSVís delivery capacity in
    Brazil and reinforcing its already strong position in this important growth market.


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