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Svein Sivertsen News

02 Jul 2008

Landtman Named New Yard Manager

Aker Yards has a clear ambition to strengthen the operational focus in the business area Cruise & Ferries in Aker Yards, and has decided to strengthen the management team. The new manager for the yards in Finland, Martin Landtman, will together with the manager for the yards in France and the manager for sales and marketing report directly to the CEO. "We want to make sure that we are a profitable and leading shipbuilder also in the long term. With the new management model for Cruise & Ferries, we are combining the skills of three of the international shipbuilding industry's best top managers. As part of this, we are of course very pleased that Martin Landtman has joined our executive management team", says Svein Sivertsen, chairman of Aker Yards' board of directors.

03 Jun 2008

New CEO for Aker Yards

Torstein Dale Sjøtveit has been appointed new president and CEO for Aker Yards ASA. Sjøtveit comes from the global industrial company Norsk Hydro, and brings a strong international top management experience. He will start in his new position with Aker Yards at the latest 1 September 2008.In March 2008, Aker Yards announced the start of a recruitment process for a new CEO. In the intermediate period, the chairman of the board of directors, Svein Sivertsen, has acted as CEO.

03 Mar 2008

Aker Yards Reports Loss; CEO Steps Down

The troubles at Aker Yards now have a number to them, as the company reported a loss for the year and that its CEO has been forced out. Aker Yards ASA reported an EBITDA result of NOK -500 million ($96,000) for the 4Q of 2007. The EBITDA result for 2007 was NOK -16 million ($3m), down from NOK 1 443 ($277m) in 2006. Earnings per share (EPS) were NOK -2.81 for the quarter, and NOK 0.95 for the full year 2007. Fast growth in the very heated environment has, as previously announced, resulted in operational challenges in the quarter, and affected the 2007 results negatively.