Aker Yards ASA reported EBITDA of NOK 176 million in the third quarter, which corresponds to an EBITDA margin of 6.5 percent. The margin so far this year is 7.2 percent. Operations are developing according to plan, and the order intake in the third quarter was NOK 6.7 billion. The guidance for the full year 2004 has been increased to an EBITA margin level above 4% before non-recurring items. The backlog is significantly improved, but the Group is still not at full capacity utilization.

Aker Yards had operating revenues of NOK 2 702 million in the third quarter of 2004, compared with NOK 4 005 million in the corresponding period in 2003. The decrease is primarily a result of reduced activity in the market segments Cruise & Ferries and Offshore Service Vessels. The Group saw revenues of NOK 8 664 million in the first three quarters of the year.
The order intake in the third quarter was NOK 6 684 million. The order backlog at the end of the third quarter was NOK 20 342 million, compared with NOK 17 016 million in the same period last year. The order backlog in Cruise & Ferries is now NOK 10 billion. RCCL ordered the second Ultra Voyager vessel during the third quarter. In the Offshore Service Vessels business area, order intake continues to improve.
In the first nine months of 2004, EBITDA was NOK 620 million, whereas the result in the corresponding period in 2003 was NOK 1 325 million. Aker Yards achieved an EBITDA of NOK 176 million in the third quarter of 2004, compared with NOK 458 million in the corresponding quarter last year. The EBITDA margin for the third quarter of 2004 was 6.5 percent.
Aker Yards increases its guidance forecast for 2004, and estimates operating revenues to end up in the top end of the range of NOK 11 - 12 billion for 2004. It is also expected that the EBITA margin for 2004 will be above 4%, before non-recurring items. This corresponds to an EBITDA margin above 6% for the full year, excluding non-recurring items.
An invitation has been issued to employee representatives to enter into formal negotiations to reduce the workforce at the three yards in Finland. Negotiations are expected to start in mid-November, and are anticipated to be finalized before mid-January 2005. Last year, the Group successfully concluded a similar restructuring in Germany, and a similar process has recently been implemented for the yards on the west coast of Norway.
Please find enclosed the full version of the third quarter report.
Investor relations:
Tore Langballe,
SVP Corp. Communications and Investor Relations
Tel: + 47 24 13 01 30
Mob: + 47 90 77 78 41

This press release includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Aker Yards ASA and its subsidiaries and affiliates (the "Aker Yards Group") lines of business. These expectations, estimates, and projections are generally identifiable by statements containing words such as "expects," "believes," "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for the Aker Yards Group's businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although Aker Yards ASA believes that its expectations and the information in this Press release were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this Press release. Neither Aker Yards ASA nor any other company within the Aker Yards Group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the Press release, and neither Aker Yards ASA, any other company within the Aker Yards Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the Press release.

Aker Yards ASA undertakes no obligation to publicly update or revise any forward-looking information or statements in the press release.

The Aker Yards Group consists of many legally independent entities, constituting their own separate identities. Aker Yards is used as the common brand or trade mark for most of these entities. In this press release we may sometimes use "Aker Yards," "Group, "we," or "us," when we refer to Aker Yards companies in general or where no useful purpose is served by identifying any particular Aker Yards company.

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