Aker Yards and Damen Shipyards Group have finalized the process of establishing joint ownership of the Damen Shipyards Okean, as announced on June 2 2006. The plans involve increasing the output capacity of the yard to 60,000 tonnes per year, and will contribute to a strengthened shipbuilding capacity of Aker Yards.
The Okean yard will be able to build a variety of large merchant vessels, as well as steel sections
for all the three business areas of Aker Yards. The construction of the Damen portfolio including the series of cargo vessels for the Ukrainian owners will be continued.
Aker Yards will manage the yard, and will in addition to the existing projects, primarily focus the Group's production of merchant vessels. The operations will be consolidated into Aker Yards accounts as from the date of closing.
Jürgen Kennemann President of the business area Merchant Vessels in Aker Yards, states in a comment: "This cooperation meets Aker Yards strategy to increase the steel and shipbuilding capacity within our Merchant Vessels business area. Together with the announced acquisition of Kleven Florø, Aker Yards will comprise 17 yards in seven countries. Following the successful privatization of the Okean yard, Aker Yards looks forward to participate in the future expansion of the Ukrainian shipbuilding industry."
René Berkvens, CEO of the Damen Shipyards Group, states that he has been confident regarding the outcome of establishing this very valuable cooperation and reemphasizes the positive consequences of the joint-venture for the Okean yard.
Aker Yards has paid EUR 10 million in cash. Additional payments will depend on the future performance of the yard. Aker Yards will also assume or procure repayment of EUR 11 million of debt.
Mr. Torben Levinsen of Aker Yards will become chairman of the Supervisory Board and Bernard Tijs, CFO of Damen Shipyards Group, member of this board.
The joint venture will initially have an order book of 11 vessels, to a value of EUR 30 million. The yard consists of two production lines, the largest one having a dry dock 354 meters long, 60 meters wide, and 14 meters deep. The yard in Okean has approximately 3000 employees.
For further information, please contact
Aker Yards ASA
Tore Langballe, SVP Communications and IR, tel. +47 24 130 130
Damen Shipyards Group
Jan-Wim Dekker, Executive Director Corporate Affairs tel. +31 183 639 121
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 15 yards in Brazil, Finland , France, Germany, Norway and Romania. Aker Yards has approximately 16,000 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.
Damen Shipyards Group (www.damen.nl) is an international shipbuilding group with 32 shipyards and related companies located around the world. The annual turnover amounts to Euro 1 billion with approximately 8,000 employees. Damen Shipyards Group is active in the design and construction of ships and in ship repair. In addition, it provides a broad range of associated maritime services. The product range for newbuildings cover a wide variety of types, including small utility vessels, advanced high-performance tugs, tankers, general cargo and container ships, dredgers and mega yachts.