This presentation should be read in conjunction with STX OSV Holdings Limited’s results for the period ended 31 December 2011 in the SGXNet announcement. Financial figures are presented according to SFRS.

This presentation may contain forward-looking statements that involve risks and uncertainties. Such forward-looking statements and financial information involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements and financial information. Such forward-looking statements and financial information are based on numerous assumptions regarding our present and future business strategies and the environment in which we will operate in the future. As these statements and financial information reflect our current views concerning future events, these statements and financial information necessarily involve risks, uncertainties and assumptions. Actual future performance could differ materially from these forward-looking statements and financial information. You are cautioned not to place undue reliance on these forward looking statements, which are based on the Company’s current view of future events.

Disclaimer

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Annual General MeetingSTX OSV Holdings Limited

25 April 2012

Significant events 2011

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Significant events 2011

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Vessels delivered in 2011

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Vessels delivered in 2011

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Order book development

2007 2008 2009 2010 2011

2007 2008 2009 2010 2011

Order book at the end of the period (NOK million)1)

New order intake during the period (NOK million)1)

22 389

16 411

4 Vessels5 692 8 Vessels

4 458

17 031

27 Vessels12 555

16 675

28 Vessels11 117

1) Includes firm orders only. Includes variation orders and trading packages

28 Vessels15 461

27 363

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Order book status

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Order book as of 31 Dec. 2011 (# of vessels)

21

23

8

26

17

3

0 10 20 30

2010

2011

2012

2013

2014

2014-168 LPG carriers to be

constructed at new yard in Brazil

delivered

Del

iver

y ye

ar

Delivery year

Norway / Romania

Brazil Vietnam Total

2014-16

8 Other

8

2014

2 Other

1 AHTS

3

2013

2 AHTS7 PSV

4 Other

1 ATHS1 PSV 2 PSV 17

2012 17 PSV1 OSCV2 Other

2 AHTS2 PSV

1 AHTS1 PSV 26

Note: Includes firm orders only

delivered

Order book by region and vessel type

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By RegionOrder book

31 Dec. 2010Deliveries

2011Order intake

2011Order book

31 Dec. 2011

Norway / Romania 34 18 19 35

Brazil 9 2 8 15

Vietnam 6 3 1 4

Total 49 23 28 54

By Vessel TypeOrder book

31 Dec. 2010Deliveries

2011Order intake

2011Order book

31 Dec. 2011

AHTS 12 7 2 7

PSV (incl. MRV) 26 8 12 30

OSCV 4 3 - 1

Other 7 5 14 16

Total 49 23 28 54

Note: Includes firm orders only

New contracts YTD 2012

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1Q 2012One subsea support vessel for Island OffshoreOne offshore subsea construction vessel for DOFTwo multifunctional deep water anchor handling / offshore service vessels for Farstad Shipping

2Q 2012One anchor handling tug supply vessel for IcemanTwo offshore subsea construction vessels for Siem Offshore

Stable operations with improvements in productivity as well as key health, safety and environment (HSE) indicatorsSuccessful project deliveries and release of risk contingencies to profit at the end of complex projects contributing to exceptional financial results

Norway and RomaniaGood yard utilization and excellent performanceHigh rate of on-time deliveries

BrazilYard operating at maximum capacityConstraints in the subcontractor market leading to some delays; limited economic impactAgreement with Rio Nave shipyard for subcontracting of hull production to mitigate risk of delays

VietnamContinued successful development of the organizationTwo out of three vessels in 2011 delivered ahead of time

Strong track record in operations maintainedthroughout 2011

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Positive trend in key health and safety indicators

0

1

2

3

4

5

6

7

8

2007 2008 2009 2010 20110%

1%

2%

3%

4%

5%

6%

2007 2008 2009 2010 2011

LTI frequency(number of Lost Time Injuries per million hours work)

Sick leave (%)

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All-time high revenues and margins

Strong cash balance

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Based on the Group’s exceptional financial performance in 2011, theBoard of Directors recommends to pay a final dividend of SGD 10 cents per share for FY 2011

Earning per share and dividend

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Earnings per share (SGD cents)

22.59

29.30

0

5

10

15

20

25

30

35

2010 2011

Note: Earnings per ordinary share for the financial period attributable to equity holders of the parent. SGD amounts are translated from NOK based on the exchange rates prevailing at the reporting dates.

Dividend per share (SGD cents)

3.0

5.0

10.0

0

2

4

6

8

10

12

Final 2010 Special interim 2011 Final 2011

Shareholding structure

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1) Investment funds affiliated with OZ Management LPNote: Shareholding structure as of 12 March 2012

“The Company has been informed that its majority shareholder, STX Europe AS ("Majority Shareholder"), 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 rumours, particularly in the context of dealing in the shares of the Company.”

(Clarification announcement dated 18 January 2012)

Other free float

50.75% 29.25%

32.9%

Och-Ziff 1)

20.0%

Strong market fundamentals

Oil majors continue to increase E&P spending budgets

Increasing demand for anchor handlers and offshore construction vessels, and further opportunities in specialized vessel segments

But order conversion still influenced by constraints in shipowners’ ability to finance new vessel projects

Recent upturn in order activity

Sustained higher new order intake yet to be demonstrated

STX OSV believes it is fundamentally well-positioned to seizeopportunities in the market

Outlook

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Q&AQ&A