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Marine Log

March 3, 2008

Aker Yards dumps Julin

Yrjö Julin has ceased to be CEO of Aker Yards ASA "with immediate effect." An announcement from the company issued today says that Chairman of the Board Svein Sivertsen will act as CEO for an interim period, until a permanent CEO has been recruited. However, materials for today's presentation of the shipbuilder's fourth quarter results describe CFO Leif Borg as "acting President and CEO."

Commenting on Julin's departure, Sivertsen said: "We present weak and disappointing results for 2007. The Board believes that it is important to have a new CEO to reestablish confidence with all stakeholders and that we can put the operational challenges behind us. We have a very capable and experienced crew at Aker Yards, and we have a record high order backlog. I am confident that we will see improvements through 2008."

Julin commented: "I have had six very exciting years with Aker Yards. But the last months has been very demanding. The Board and I had a common understanding that the best solution for the company going forward is that a new CEO takes over."

Aker Yards ASA reported an EBITDA loss NOK 500 million for the fourth quarter of 2007. The EBITDA result for 2007 was a loss of NOK 16 million.

A loss provision of around NOK 600 million has been made related to the Finnish operations in the fourth quarter. A further loss provision of NOK 150 million has also been made in the quarter related to the company's operations in Florø.

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