Kvaerner Masa-Yards Releases Financial Results

The Aker Kvaerner Group has published its results for period of January-September 2003. Kvaerner Masa-Yards Business Area produced for this period an EBITA and operating profit of EUR 73 million (575 MNOK) and a net sales of EUR 625 million (4.930 MNOK). Compared with the same period of 2002, net sales decreased by 20,0% and operating profit increased by 10,7%. "Kvaerner Masa-Yards' financial performance has been very satisfactory during the first nine months of 2003 and better than that of the same period of 2002. Increased cost efficiency, a result of focused action and change programs during the past few years, has more than compensated for impacts from the decreased business volume in 2003," said Jorma Eloranta, President and CEO of Kvaerner Masa-Yards. "In September 2003 Kvaerner Masa-Yards and Royal Caribbean Cruises Ltd. signed a building contract on a new cruise ship for delivery in May 2006, the Ultra Voyager. Despite this important contract and slightly improved demand prospects in our main market, Kvaerner Masa-Yards' production loading will decrease over the next coming quarters and the financial performance will consequently also decline from the levels we have seen in 2002 and 2003," continued Jorma Eloranta.