FLC West Awaits Ukraine Approval

Tuesday, June 17, 2008

Aker Yards has not yet received confirmation from FLC West that they have received approval from Ukraine competition authorities for FLC's acquisition from Aker Yards of 70 percent of the shares in the subsidiary Aker Yards Ukraine Holding. Under the agreement which the two companies announced 25 March 2008, FLC West has the responsibility to apply for the necessary approvals for their new ownership. Based on the information Aker Yards has received in respect of FLC's applications, Aker Yards had expected clearance to be obtained and information to be received by now.

Aker Yards has no knowledge of the reason for the apparent delay. Apart from the anti-trust clearance in Ukraine, all other preparations for closing are complete.

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