Aker Yards Announces 3Q Results

Aker Yards ASA reported an EBITDA result of $37.83m for the third quarter of 2007, compared to $57.5m in the corresponding quarter of 2006. The fast growth in the heated environment has, as previously announced, resulted in operational challenges. Significant operational improvement measures are under implementation. The very high loading will continue until next summer, and will gradually be taken down to a more normalized level. Both revenues and profit are expected to increase in the fourth quarter, mainly as a result of normal seasonal fluctuations between the quarters. Aker Yards saw 15.4 percent increase in revenues in the third quarter compared to the corresponding period of 2006. The EBITDA margin for the third quarter of 2007 was 2.7 percent. Earnings per share (EPS) were $0.03 for the quarter, compared with $0.19 in the same period in 2006. After the end of the third quarter, the STX Group of Korea announced it had acquired a 39.2 percent stake in Aker Yards.