STX Europe AS has sold its 30 percent ownership share in Wadan Yards Group AS ("Wadan Yards") to Luxembourg based Mandataria Finance S.A. Following the transaction, STX Europe holds no shares in Wadan Yards.
The transaction is expected to result in a minor net gain versus book value. The gain from the transaction will be booked in STX Europe's third quarter accounts.
STX Europe AS has also entered into an agreement with FLC West S.a.r.l. ("FLC West") to settle certain outstanding issues under the agreements concerning the sale of 70% of the shares in Wadan Yards to
FLC West in July 2008.