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STX France cancels the newbuilding contract with Libya's GNTMC

STX France SA, a 66.66% owned subsidiary of STX Europe AS, has rescinded the contract with GNMTC (General National Maritime Transport Company) - the state owned Libyan shipping company - for the construction of a 140,000 GT cruise vessel for delivery end-2012. The reason for the rescission is the default of payment from GNMTC.

STX France is confident to be able to find a new buyer for the vessel. Due to insurance cover for such an incident, the rescission is expected to have limited impact on the financial results of STX France.

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