Aker Yards’ Backlog Doubles

Aker Yards ASA reported an EBITDA of NOK 240 million for the second quarter of 2005, which corresponds to an EBITDA margin of 5.9 percent. The margin year to date is 5.3 percent. The order intake in the second quarter was NOK 9.3 billion, giving a total order backlog of NOK 36.3 billion at the end of the quarter, representing 110 vessels to be built at the groups' 13 yards. Aker Yards confirms its guidance for 2005 that foresees a growth in revenues to a level in the range of NOK 16-18 bn, and aims to have an EBITDA result somewhat above the level of 2004. Aker Yards had revenues of NOK 4 053 million in the second quarter of 2005, compared with NOK 3 317 million in the corresponding period of 2004. Growing activity in all three business areas are contributing to the positive development. The Group saw revenues of 7 491 for the first half of 2005. Order intake in the second quarter was NOK 9 328 million, of which Merchant Vessels contributed half. The order backlog at the close of the second quarter was NOK 36 305 million, compared with NOK 16 458 million at the end of second quarter 2004. The order book is at a level close to three times the revenues of 2004. The order backlog continues to improve in all business areas. Aker Yards achieved an EBITDA result of NOK 240 million in the second quarter of 2005, compared with NOK 216 million in the corresponding quarter of 2004. The EBITDA margin for the second quarter of 2005 was 5.9 percent. In the first six months of 2005, EBITDA was 399 million, compared to 438 in 2004. For the full year 2005, Aker Yards foresees a growth in revenues to a level in the range of NOK 16-18 bn, and aims to have an EBITDA result somewhat above the level of 2004.