Aker Yards and Alstom Complete Transaction

Aker Yards and ALSTOM announced on January 4 the intention to join forces in shipbuilding. The transaction was concluded during a signature ceremony in Paris May 31. Reference is made to the company disclosure dated January 4 in respect of the establishment of a new company consisting of ALSTOM's shipyards in Saint-Nazaire and Lorient. All the necessary approvals from authorities have now been received, and all other conditions have been lifted. In connection with the closing of the transaction the new company has received a committed offer of 550m Euro in construction financing to finish its current backlog of cruise ships. The financing is underwritten by a syndicate of four international banks. A new company with the name Aker Yards SA has been established to which Chantiers de l'Atlantique will transfer its employees, assets and cruise ships contracts. Aker Yards SA consists of the shipyards in Saint-Nazaire and Lorient, and will be a part of the Cruise & Ferries business area in Aker Yards. Aker Yards owns 75 % of Aker Yards SA, and ALSTOM the remaining 25 % until 2010. Mr Jacques Hardelay will take over as Managing Director of Aker Yards SA from June 1st. Mr Hardelay is currently holding the position as Chief Operating Officer at Chantiers de l' Atlantique. Mr Hardelay will report to Mr Yrjö Julin, the President of Cruise & Ferries business area in Aker Yards. Aker Yards now has 15 yards in 6 countries, and more than 16 000 employees.