Aker Yards Now STX Europe

Tuesday, November 04, 2008

Aker Yards, builder of cruise and offshore vessels, changed its name to STX Europe. The name change reflects the entry of the South Korean-based STX Business Group as principal shareholder in the company during summer 2008. Effective Nov. 3, the international shipbuilding group Aker Yards, with head office in Oslo, Norway, and all its subsidiaries, will share the common brand STX Europe.STX Europe specializes in designing and building advanced cruise ships and purpose-built vessels for offshore oil and gas operations, and other specialized ships. All the largest cruise ships in the world were built or are currently under construction at STX Europe's yards. In 2008, STX Europe will deliver 9 state-of-the-art cruise ships, 28 cutting-edge offshore and other specialized vessels, and 2 chemical tankers.

Aker Yards ASA became part of the South Korean based STX Business Group in August 2008, when STX became the principal shareholder, with an ownership share of 92.46 percent. STX Business Group is an international industrial group with broad shipbuilding and shipping activities, total revenues of $11.4b last year and 39 000 employees at year end 2007.

The company is listed at the Oslo stock exchange under the ticker STXEUR (former AKY). STX Europe ASA (former Aker Yards ASA) is an international shipbuilding group focusing on cruise and offshore vessels.

(www.stxeurope.com)

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