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2ND QUARTER 2006 - RECORD HIGH OPERATING RESULT
9.8.2006

Aker Yards ASA reported a record high EBITDA of NOK 382 million for the second quarter of 2006, an increase of 59 percent compared with the second quarter of 2005. Order intake in the second quarter was NOK 4 669 million. In addition NOK 14 billion was added from the acquisition in France at closing. The total order backlog was NOK 60 607 million at the end of the quarter, comprising 126 vessels. Major strategic acquisitions were concluded and announced in the quarter, giving Aker Yards a unique position in key segments for highly specialized vessels. Aker Yards now comprises 17 shipyards in seven countries with approximately 20 000 employees.

Aker Yards had revenues of NOK 6 144 million in the second quarter of 2006, an increase of 52 percent compared with NOK 4 053 million in the corresponding period of 2005. High activity in all three business areas and the acquisition of two yards in France contributed to the positive development.
The order reserve increased by NOK 12 739 million from the previous quarter, of which order intake in the second quarter was NOK 4 669 million. The acquisition in France contributed with NOK 14 billion to the order book. Offshore & Specialized Vessels contributed the major part of the order intake, with orders for 15 new vessels. The order backlog at the close of the second quarter was NOK 60 607 million, compared with NOK 36 305 million at the end of the second quarter 2005.
Aker Yards achieved an EBITDA result of NOK 382 million in the second quarter of 2006, compared with NOK 240 million in the corresponding quarter of 2005. The EBITDA margin for the second quarter of 2006 was 6.2 percent. The group's revenues will increase significantly as a result of acquisitions in France, Ukraine and Norway, whereas margin improvement will not come to full effect until the necessary integration synergies have been effectuated. The EBITDA margin target of seven percent, over the business cycle, across the business areas, remains firm.
 
Please find enclosed the full version of the second quarter 2006 report.
 
 
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Contact information:
 
Aker Yards ASA
Fjordalleen 16
P.O.Box 1523 Vika
0117 Oslo
Norway
Tel: + 47 24 13 00 00
 
Investor relations:
Tore Langballe,
SVP Corp. Communications and Investor Relations
Tel: + 47 24 13 01 30
Mob: + 47 90 77 78 41
 
 
 
 
Disclaimer
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, other than what is required by law.
 
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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