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AKER BRATTVAAG, AKER LANGSTEN, AND AKER AUKRA UNDER JOINT MANAGEMENT
7.9.2004

As of 1 October 2004, all Aker Yards shipyards located on the west coast of central Norway will be under common organization and management. Aker Brattvaag will be the name of the shipyard group resulting from this change. Aker Brattvaag will comprise the shipyards Aker Langsten, Aker Aukra, Brattvaag Skipsverft, Søviknes Verft, Aker Tulcea (in Romania), and Aker Promar (in Brazil), along with several shipbuilding-related group companies. The new Aker Brattvaag will have some 4,000 employees, of whom about 800 work in Norway.

The goal of the reorganization is to increase the competitiveness of Aker Yards. The organizational and managerial changes being implemented are a further development of the close cooperation among these west-coast shipyards since 1998, under Aker Yards ownership.
 
Significant synergy effects are anticipated as a result of the reorganization of Aker Yards' Norwegian shipyards, particularly in the areas of innovation, marketing, purchasing, and project execution. A similar reorganization of Aker Yards' shipyards in Germany was implemented in 2003, and significant synergies were realized. In Finland, Aker Finnyards and Kværner Masa-Yards will also implement a comparable organizational change.
 
Management of the reorganized Aker Brattvaag is as follows: Roy Reite has been appointed President of the new Aker Brattvaag. In addition to his new responsibilities, Mr. Reite will continue as a member of the Group management team of Aker Yards ASA, where he is in charge of the Offshore Service Vessels business segment. In addition to Mr. Reite, Aker Brattvaag's management will comprise Sigbjørn Akselvoll, who, in addition to being a member of Aker Yards ASA's Group management team in charge of the Other Complex Vessels business segment, will carry corresponding responsibilities at Aker Brattvaag; Magne Haaberg (Marketing Director); Peter Tennfjord (Aker Langsten, Yard director); Jan Petter Hagen (Søviknes Verft, Yard Director ); and Oddbjørn Hjelle (Brattvaag Skipsverft, Yard director).
 
As of 1 October 2004, Peter Tennfjord will succeed Sigbjørn Akselvoll as Yard director of Aker Langsten AS. In May 2004, Mr. Akselvoll asked to step down from his current position; he will, however, continue his work in marketing and sales.
 
Kjell Orten has been appointed general manager of Aker Aukra AS. Aker Aukra will become a subsidiary of Aker Brattvaag AS (the parent company of the Aker Brattvaag group) as a result of the reorganization.
 
For further information, please contact:
 
Roy Reite
President, Aker Brattvaag AS
Group Executive Vice President, Offshore Service Vessels, Aker Yards ASA
Tel: +47 90 11 08 07

 
   
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