Following the announcement on Tuesday October 23rd regarding the new ownership situation in Aker Yards ASA the Board of Directors has decided to actively explore the company's strategic options. The Board has engaged Arctic Securities ASA as financial advisors, and will further engage an international advisor. Wikborg Rein has been engaged as legal advisors in the process.
Aker Yards has been informed that STX believes its acquisition of shares in Aker Yards announced on 23 October 2007 must be notified to the European Commission pursuant to merger control regulations currently in force. Aker Yards is assisting with the preparation of the notification to the extent reasonably requested by STX and without sharing or disclosing confidential information. The formal filing is expected to be made within two to three weeks, whereafter the EU Commission must decide whether to investigate the transaction further or clear it within 25 working days. STX will enjoy full voting rights for its shares in Aker Yards from the time the transaction is cleared by the EU Commission."
Tore Langballe SVP Communications & IR phone +47 24 13 01 30
Elise Heidenreich Investor Relations Manager phone +47 95 14 11 47
Aker Yards ASA is an international shipbuilding group focusing on sophisticated vessels. The group has a strong position both in terms of innovation, product range, technology, experience and capacity. The product range includes cruise vessels & ferries, merchant vessels and offshore & specialized vessels. Aker Yards comprises 18 yards in Brazil, Finland, France, Germany, Norway, Romania, Ukraine and Vietnam. Aker Yards has approximately 21,000 employees.
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.