Aker Yards, Kleven Finalize Agreement

Wednesday, August 09, 2006
Aker Yards finalized the transaction with Kleven Maritime to acquire Kleven Florø AS and Kleven Design AS. Aker Yards has acquired Kleven Florø and Kleven Design at a price of approximately $9.7m including debt, and will compensate for working capital in excess of zero. In addition there will be further payments based on performance on existing order backlog and new orders in the coming three years. The order intake part of the payments is capped at $5.8m. The turnover of Kleven Florø and Kleven Design was $56.8m in 2005. The orderbook today consists of one juice tanker and two chemical tankers at a total value of approximately $211m.

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