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Marine Log

February 16, 2007

Aker Yards reports soaring revenues

Aker Yards ASA reported an EBITDA (Earnings Before Interest, Tax Depreciation and Amortization) of NOK 401 million ($65.2 million) for the fourth quarter of 2006, an increase of 15 percent compared with the fourth quarter of 2005.

The EBITDA result for 2006 was NOK 1,443 million ($234.7 million), up 40 percent from 2005.

Earnings per share (EPS) were NOK 21.77 for the quarter, and NOK 46.56 for the full year. Order intake in the fourth quarter was NOK 8 906 million, giving an order backlog of NOK 79,420 million at the end of the quarter, comprising 149 vessels.

The Board of Directors proposes to pay a dividend for 2006 of NOK 18 per share for the year 2006.

Aker Yards had revenues of NOK 7,815 million ($1,271 million) in the fourth quarter of 2006, an increase of 60 percent compared with NOK 4,897 million ($796.4 million) in the corresponding period of 2005. High activity in all three business areas and the acquisition of new yards contributed to the development.

Aker Yards says that the pressure on subcontractors is high, and demands a careful follow up in order to reduce the risk of delays on projects. Significant integration processes are ongoing in all three business areas.

The order backlog increased by NOK 1,901 million from the previous quarter, and order intake in the fourth quarter was NOK 8 ,906 million.

Cruise & Ferries contributed a significant part of the order intake, with the order for two ferries for Stena Rederi AB representing approximately NOK 3,300 million.