STX OSV HOLDINGS LIMITED (Incorporated in the Republic of Singapore) (Registration Number: 201012504K)

(the "Company")

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MANDATORY UNCONDITIONAL CASH OFFER FOR STX OSV HOLDINGS LIMITED APPOINTMENT OF INDEPENDENT FINANCIAL ADVISER

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1. Appointment of Independent Financial Adviser
The Board of Directors (the "Board") of the Company refers to the announcement made on
23 January 2013 (the "Offer Announcement") by Credit Suisse (Singapore) Limited and Nomura Singapore Limited, for and on behalf of Fincantieri Oil & Gas S.p.A. (the "Offeror"), a direct wholly-owned subsidiary of Fincantieri - Cantieri Navali Italiani S.p.A., in relation to the mandatory unconditional cash offer (the "Offer") by the Offeror to acquire all the issued ordinary shares ("Shares") in the capital of the Company, other than those already owned, controlled or agreed to be acquired by the Offeror, its related corporations and their respective nominees.
The Board wishes to inform shareholders of the Company ("Shareholders") that it has on
28 January 2013 appointed Ernst & Young Corporate Finance Pte. Ltd. (the "IFA") as the independent financial adviser to advise the Directors of the Company who are considered independent for the purposes of the Offer (the "Independent Directors").
A circular containing, inter alia, the advice of the IFA and the recommendation of the Independent Directors in relation to the Offer (the "Circular") will be sent to Shareholders in due course.

In the meantime, Shareholders are advised to exercise caution when dealing in their Shares and to refrain from taking any action in relation to their Shares which may be prejudicial to their interests until they or their advisers have considered the information and the recommendations of the Independent Directors as well as the advice of the IFA set out in the Circular to be issued in due course. 2. Directors' Responsibility Statement

The directors of the Company (including those who have delegated detailed supervision of this announcement) have taken all reasonable care to ensure that the facts stated and the opinions expressed in this announcement are fair and accurate and that no material facts have been omitted from this announcement.
Where any information has been extracted from published or otherwise publicly available sources (including, without limitation, the Offer Announcement), the sole responsibility of the directors of the Company has been to ensure through reasonable enquiries that such information has been accurately and correctly extracted from such sources or, as the case may be, accurately reflected or reproduced in this announcement.
The directors of the Company jointly and severally accept full responsibility accordingly.
BY ORDER OF THE BOARD

STX OSV HOLDINGS LIMITED

Roy Reite
Executive Director and Chief Executive Officer
28 January 2013

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