AKY Receives Mandatory Offer from STX

Friday, July 18, 2008

Reference is made to the announcement by STX concerning the mandatory offer for all issued shares in Aker Yards ASA at a price of NOK 63 per share. Aker Yards' Board of Directors has not been advised of the details of the bid prior to the launch of the offer to the market and the shareholders. The board will now carefully review the offer and in cooperation with its advisors , JP Morgan and Wikborg Rein evaluate the offer price and details. Aker Yards will move the presentation of its second quarter financial results forward from the original schedule 15 August to now being presented August 8, to provide shareholders with the most updated information on the company as a foundation for their evaluation of the offer from STX. The board will no later than August 8 issue a statement in compliance with the Securities Trading Act section 6-16, in which the board will inform the shareholders of whether the board recommends the offer or not, as well as the reasons for the boards views. Meanwhile, the Board's recommendation at this point is for the shareholders to await the Board's comments and the second quarter financial statement, as this will provide the shareholders with the broadest possible information and foundation for their evaluation. 

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