Stock Exchange Release

Aker Brattvaag, a company in the Aker Yards Group, has signed a contract with Swire Pacific Offshore, Singapore for the building of three Ice Breaking Supply Vessels at Aker Langsten. The contract is worth approximately NOK 1.5 billion. (Ref release sent to Oslo Stock Exchange on 15 October). The vessels are scheduled for delivery in April, July and October 2006.

Sigbjørn Akselvoll, Executive Vice President in Aker Yards, and in charge of the Other Complex Vessels business area says: `This contract was made possible through the increased competitiveness of the new organization recently announced.` Aker Yards have earlier delivered 4 vessels to Swire.

The contract is the fourth within the Arctic segment this year for Aker Yards, supported by the substantial competence in Ice Breakers and Arctic Technology within the Aker Yards Group. The construction will start immediately, and the order will be included in the order intake of the Other Complex Vessels Segment in the fourth quarter 2004. The contract may be cancelled by the client against payment of incurred building costs up to the end of January 2005.

The vessels have the designation UT 758 Ice, designed by Rolls-Royce, which will also be a major supplier of equipment to the project. The vessels are large Platform Supply Vessels with capacity of independent ice navigation and supply of deck cargo and bulk cargo, and will also be equipped for stand by operations. The vessels will be approx. 90 m long and 19 m weide. Main propulsion will be Aquamaster 2 x 7000 kW, and main generator sets 4 x Rolls- Royce Bergen B32:40L9A each 4145 kWe. The vessels will be equipped according to Icebreaker Ice- 10, De-Ice, Standby and Dyn Pos AUTR Classes.

For further information please contact:

Tore Langballe, Senior Vice President Corporate Communications Aker Yards ASA +47 24 13 01 30

Aker Yards ASA is an international shipbuilding group focusing on complex and sophisticated vessels and is Europe`s largest and one of the world`s five largest shipbuilders. Aker Yards has a strong position in terms of capacity, product range, technology and experience. The Company`s product range includes offshore vessels, cruise and ferry vessels, other complex vessels and merchant vessels. The Group has 13 yards in four countries in Europe and in Brazil. Aker Yards had a revenue of NOK 16 bn. in 2003, and has approximately 14.500 employees.

Aker Brattvaag AS is a subsidiary of Aker Yards ASA and comprises 9 companies in Norway, Romania and Brazil. Aker Brattvaag has approximately 4000 employees, with an annual revenue of NOK 3-3.5 billion. The company builds a wide range of specialized vessels, including offshore supply and fishing vessels. The company`s main office is in Brattvåg, near Ålesund.

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