Aker Yard News

DNV has issued a compliance certificate for the first ship fitted with an exhaust gas cleaning system capable of meeting the requirements of SOx Emission Control Areas. The certification demonstrates that ship operators may in the future have the option of using traditional fuel oils, rather than low-sulphur fuels, when voyaging in designated sensitive areas such as the North Sea. The pilot SOx scrubbing system was fitted to the exhaust pipe of an auxiliary engine on the product tanker, MT Suula, owned by Neste Oil Shipping of Finland. DNV approved the system on behalf of the Finnish Maritime Administration after overseeing the installation and successful operation of the new technology.

Aker Yards ASA is considering to issue bonds in NOK (1 and 3 years respectively) of minimum NOK 250 million and maximum NOK 1BN in each loan. The combined size for both loans is to not exceed NOK 1.2BN. The loans would be used for refinancing of existing debt and general corporate financing.  Arctic Securities will act as Lead Manager and DNB NOR will act as Co-Manager of the issuance.

The third in the series of the Freedom-class cruise vessels for Royal Caribbean was recently delivered in Aker Yards, . The of the Seas features signature elements of its sister ships, Freedom of the Seas and of the Seas. In addition to the innovative comfort amenities there is lots of technical improvement onboard the , e.g. advanced water purification: The state-of-the-art AWP-plant purifies all of the ship's grey and black waters into a degree of being virtually pure drinking water. The separated sludge will be consequently dried and incinerated with other combustible waste. All other waste material generated on board will be landed in ports and nothing - except for that fully purified drain water - will be released into the sea.

Aker Yards ASA reported an EBITDA result of NOK -153 million for the second quarter of 2007. The EBITDA result for 2007 is estimated to be about NOK 900 million, and the net profit estimated about NOK 700 million. The guidance for 2008 is maintained at 5-6 percent EBITDA margin, and the long term target of 7 percent remains. A thorough review has been carried out for the Finnish yards, confirming the view issued in the July press release. The remaining portfolio has also been reviewed. A one off charge of approximately NOK 500 million has been taken in the business areas Merchant Vessels and Cruise & Ferries. The newly appointed President & CEO, Yrjö Julin said "We have been growing very fast in a heated environment, resulting in operational challenges.

Aker Yards has entered into contracts with Solstad Offshore ASA for building of one Platform Supply/ ROV Vessel of Aker PSV/ROV 06 CD design and one Offshore Subsea Construction and Maintenance Vessel of Aker OSCV 06 L design. Delivery of the PSV/ROV 06 CD is scheduled to second/third quarter 2010, the OSCV 06 L is scheduled for delivery first quarter 2011. The PSV/ROV 06 CD is a platform supply vessel with a hangar for ROV (remote operated vehicle), and with a dynamic positioning system according to DP II class. The vessel will further be equipped with a 100 tons offshore crane and with helicopter platform. The propulsion system is diesel electric.