December 16, 2002

New Color Lines ferry

Masa-Yards inks Color Line order
Kvaerner Masa Yards, today announced that it has signed a contract with Color Line AS, the largest ferry operator in Norway, for the construction of a 74,600 gross tonne cruise ferry. The 2,800-passenger cruise ferry, the largest in the world, is valued at about $300 million. The vessel will be built at Kvaerner Masa-Yards Turku shipyard for delivery in December 2004. The contract also includes an option of a sistership

The signing follows inking of a letter of intent back in July and an extension of the letter of intent in October.

Commenting on todays announcement, Jorma Eloranta, President and CEO of Kvaerner Masa-Yards said: "Following a period of exceptionally low market activity worldwide, resulting in decreasing orderbooks, this contract is very important for Kvaerner Masa-Yards, our employees, sub-contractors and other partners. We are very pleased about the order and welcome Color Line back to our Turku yard. It is already 15 years since we handed over your cruise ferry Kronprins Harald."

This contract will secure work at the yard for about 1,200 man-years, and about the same number for outside sub-contractors and still more for suppliers of material and components. The contract immediately affects the workload at the yard's design departments and, from late spring 2003, also the production departments.

Intended to start sailing between Kiel and Oslo for the Christmas season 2004, this new ship will, says Masa Yards, set new standards in ferry design, confirming Color Line's position as one of the leading European cruise ferry operators.

Synergies within the Aker Kvaerner Yards group of shipyards have been an important factor in order to securing this contract in today's challenging shipbuilding market.

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