Since the beginning of 2005 Finland's three largest shipyards in Helsinki, Rauma and Turku have been working as one company, the new Aker Finnyards. As a part of the restructuring, negotiations were started on 9 November 2004 with the employee representatives to improve the productivity of the yards. The formal negotiations have now been concluded, and the number of employees that will be affected will be approximately 315.

"I am very pleased with the result, and that we have come to a joint solution with the employee representatives to develop Aker Finnyards' competitiveness.  For winning new orders, improving competitiveness is a prerequisite, and a daily challenge for our yard, personnel and our network of co-operation partners. The dialogue has been constructive, and together we have been able to make a number of creative solutions." says Yrjö Julin, President of Aker Finnyards.
Since the negotiations were initiated in November, the anticipated activity level at the yards has increased. As a result of the dialogue with the employees, and the increased activity, the number of employees that will be affected will be approximately 315.  Future synergy effect from the combination of the Finnish yards is as previously communicated expected to be in the range of EUR 20 million annually.
For further information, please contact:
Aker Yards
Tore Langballe, SVP Communications and Investor Relations, tel. +47 90 777 841
Aker Finnyards
Yrjö Julin, President, tel.  +358 40 751 7940                                                                               
Sinikka Railo, Communications Manager, tel. +358 40 5120253
Aker Yards is an international shipbuilding group focusing on sophisticated vessels and is Europe's largest and one of the world's five largest shipbuilders. The group has a strong position both in terms of innovation, product range, technology, experience and capacity. The product range includes cruise vessels and ferries, merchant vessels, offshore vessels and other complex vessels. Aker Yards, with a turnover of NOK 16 bn. in 2003, comprises 13 yards in Norway, Finland, Germany, Romania and Brazil and has approximately 14,500 employees.
Aker Finnyards: From December 7, 2004 Finland's three largest shipyards operate under common name: The yards situated in Helsinki, Rauma and Turku form the new Aker Finnyards - the Finnish yards within the Aker Yards Group. The new operative organisation will be valid from January 1, 2005 when the yards continue their work together as one company. Aker Finnyards is amongst world leading designers and builders of cruise vessels and ferries as well as other technically complex vessels.
During the last ten years, over 25% of the world's cruise ships have come from the company's shipyards, the major customers within this vessel segment being the globally leading cruise operators. Aker Finnyards is also the leading ferry builder in the world.

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