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AKER YARDS AND KLEVEN FINALIZE AGREEMENT
7.8.2006

Aker Yards has today finalized the transaction with Kleven Maritime to acquire Kleven Florø AS and Kleven Design AS. The previously announced joint venture with Damen Shipyard Group in Ukraine creates an opportunity for Aker Yards to utilize the Kleven tanker know-how in order to develop a new highly competitive line of chemical tankers.

Aker Yards has acquired Kleven Florø and Kleven Design at a price of approximately NOK 60 million including debt, and will compensate for working capital in excess of zero. In addition there will be further payments based on performance on existing order backlog and new orders in the coming three years. The order intake part of the payments is capped at NOK 36 million. Kleven Florø has approximately 300 employees, and there are 30 engineers at Kleven Design. The turnover of Kleven Florø and Kleven Design was NOK 350 mill in 2005. The orderbook today consists of one juice tanker and two chemical tankers at a total value of approximately NOK 1.3 billion.   
 
Kleven Florø and Kleven Design are leading in design and construction of chemical tankers, and have a unique production competence using stainless steel in shipbuilding. By joining Aker Yards, the Kleven Florø yard will capitalize on a long term, and predictable ship hull supply from Aker Yards capacity base in Eastern Europe.
 
Aker Yards now comprises 17 shipyards in seven countries with approximately 20.000 employees. Aker Yards, Florø will be a part of the business area Merchant Vessels.
 
 
For further information, please contact:
 
Tore Langballe, Aker Yards ASA                          Tel.: +47 907 77 841
 
 
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, offshore & specialized vessels. Aker Yards comprises 17 yards in Brazil, Finland, France, Germany, Norway,  Romania and Ukraine. Aker Yards has approximately 20,000 employees.
 
Aker Yards is part of the Aker Group (www.akerasa.com), a leading multi-industry powerhouse with more than 43,000 employees and EUR 7.5 billion revenues. Aker owns 50.4 per cent of Aker Yards, and the group is also a significant participant in the oil & gas business as well as the fisheries industry.

 
   
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