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Aker Yards Wins Container Vessels Contract

Maritime Activity Reports, Inc.

March 1, 2005

Aker Ostsee in Germany, a part of Aker Yards, has been awarded a contract to build two plus two container vessels for Thien & Heyenga Bereederungs- und Befrachtungsgesellschaft m.b.H. in Hamburg (Germany). The vessels are of the newly developed type Aker CS 1700. The total contract value is approximately EUR 120 million.

The contract for two of the vessels is due to settlement of financial issues. The vessels are due to delivery in the second quarter of 2006 as well as in the first and second quarters of 2007. Thien & Heyenga ordered four 2,700 TEU container vessels in 2004 which will be delivered in the second half of 2006.

The vessels of the type Aker CS 1700 are 182 m long and 25.2 m wide, with deadweight of about 24.200 t. They meet the latest international safety regulations and are equipped with protected fuel tanks. They have a total container stowage capacity of 1,706 TEU with 300 reefer sockets. A high stowage capacity for TEU 14 t each is available with 1,250 TEU. With a main engine (4-stroke) output of 12,600 kW the vessels will have a service speed of 19.5 knots.

The order reserve of the combined Aker Ostsee shipyards in Wismar and Rostock-Warnenmünde with a total of abt. 2,250 employees and abt. 120 apprentices (1st February 2005) comprises 29 container vessels with 1,700, 2,500 and 2,700 TEU respectively with last delivery in the third quarter of 2007. The order intake of Aker Ostsee in 2005 increased to eight vessels.

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