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April 30, 2004

Kvaerner Philadelphia starts work on fourth ship

Kvaerner Philadelphia Shipyard, Inc., (KPSI), a fully owned subsidiary of Kvaerner ASA, has initiated production of its fourth container vessel (NB 004). Completion of NB 004 is scheduled for early 2006. In tandem with Ship #3, NB 004 will be made available for the U.S. domestic market, says a statement issued today.

KPSI delivered its first containership last year, and is currently constructing two additional container vessels (NB 002 and NB 003). KPSI has initiated production of its fourth container vessel (NB 004), scheduled for completion early 2006.

"KPSI places great value in productivity improvements in each new ship we build as the critical means to meet our goals of reducing costs and achieving related sustainable profitability. In order to achieve these necessary improvements, we must build ships," stated Dave Meehan, President and CEO of Kvaerner Philadelphia Shipyard, Inc.

Manuel N. Stamatakis, chairman of Philadelphia Shipyard Development Corporation (PSDC) says, "PSDC has great faith in the shipyard, its management and owner and will work with the yard to secure a best possible framework for its business going forward. It is great news for the State of Pennsylvania and the City of Philadelphia that the yard has now started production of its fourth ship. The inescapable fact that the U.S. domestic fleet must be replaced, positions KPSI and our region to play a pre-eminent role in the future of the U.S. Maritime Industry."

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