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July 12, 2010

$536 million Transpetro order for new STX Europe Brazil shipyard

STX Norway Offshore AS and partner PJMR Empreendimentos Ltda have won contracts to build eight LPG carriers for Transpetro, the transportation subsidiary of Petrobras, at the new shipyard they are building shipyard in Fortaleza in Brazil's Ceara state.

The contract was signed July 9 by subsidiary Estaleiro Promar S.A , in which STX Norway Offshore AS has a 50.5 percent holding. It covers the construction of six fully pressurized LPG carriers (four of 7,000 cu.m cargo capacity and two of 4.000 cu.m capacity) and two semi-refrigerated units of 12,000 cu.m capacity each. ).

These vessels are part of the PROMEF 2, the second phase of Transpetro's Fleet Modernization and Expansion Program and are scheduled to be delivered between the third quarter of 2013 and the fourth quarter of 2015.

STX Norway Offshore is developing the new shipyard in Brazil together with its Brazilian long-time partner PJMR Empreendimentos Ltda. STX Norway Offshore AS own 50.5% of Estaileiro Promar S.A.

Roy Reite, President of STX Europe's Offshore & Specialized Vessels business area, says: "Today's order confirms our strong position in the Brazilian shipbuilding market. We have during the last 10 years developed a strong name together with our partners in PJMR and this is an important step in our further development and expansion in Brazil."

Estaleiro Promar and Transpetro are jointly applying to the FMM (Brazilian Merchant Marine Fund) to finance the project.


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