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2ND QUARTER 2005 - ORDER BACKLOG MORE THAN DOUBLED IN ONE YEAR
12.8.2005

Aker Yards ASA reported an EBITDA of NOK 240 million for the second quarter of 2005, which corresponds to an EBITDA margin of 5.9 percent. The margin year to date is 5.3 percent. The order intake in the second quarter was NOK 9.3 billion, giving a total order backlog of NOK 36.3 billion at the end of the quarter, representing 110 vessels to be built at the groups' 13 yards. Aker Yards confirms its guidance for 2005 that foresees a growth in revenues to a level in the range of NOK 16-18 bn, and aims to have an EBITDA result somewhat above the level of 2004.

Aker Yards had revenues of NOK 4 053 million in the second quarter of 2005, compared with NOK 3 317 million in the corresponding period of 2004. Growing activity in all three business areas are contributing to the positive development. The Group saw revenues of 7 491 for the first half of 2005.
 
Order intake in the second quarter was NOK 9 328 million, of which Merchant Vessels contributed half. The order backlog at the close of the second quarter was NOK 36 305 million, compared with NOK 16 458 million at the end of second quarter 2004. The order book is at a level close to three times the revenues of 2004. The order backlog continues to improve in all business areas.
 
Aker Yards achieved an EBITDA result of NOK 240 million in the second quarter of 2005, compared with NOK 216 million in the corresponding quarter of 2004. The EBITDA margin for the second quarter of 2005 was 5.9 percent. In the first six months of 2005, EBITDA was 399 million, compared to 438 in 2004.
 
For the full year 2005, Aker Yards foresees a growth in revenues to a level in the range of NOK 16-18 bn, and aims to have an EBITDA result somewhat above the level of 2004.
 
 
Please find enclosed the full version of the second quarter 2005 report.
 
 
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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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