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Marine Log

AH 08

May 3, 2007

Aker Yards wins anchor handler order for Vietnam yard

Aker Yards has entered into a contract with Aker Capital for construction of six Anchor Handling Supply Vessels at Aker Yards new Vung Tau shipyard in Vietnam..

The value of the contract is approximately NOK 1.5 billion (about $251 million).

" Working with Aker Yards, we will create something new in Southeast Asia, a major growth market for offshore vessels, says Leif-Arne Langoy, AkerŐs Chairman and CEO.

"Aker Yards is a world leader in the building of advanced offshore vessels," said Langoy. "The new offshore shipowning company that we are establishing will have an experienced partner run its technical and commercial operations."

"We are very pleased by this contract as it confirms our strategy to offer state of the art offshore vessels from our new yard in Vietnam to meet the increased demand in the Asian offshore market" says Roy Reite, President Offshore & Specialized Vessels in Aker Yards. "This contract is ideal to chase learning curve and develop the yard going forward."

"Being able to create new business with Aker after leaving the Aker group confirms the strong business potential between our companies regardless of ownership," he added.

The vessels are Anchor Handling Supply Vessels, based on the Aker Yards AH 08 design.

The first delivery is scheduled in 2010, and the sixth in 2012. Final delivery date is to be confirmed and adjusted according to the construction of the Vung Tau yard, which is scheduled to be completed in 2008

The contract includes an option with the potential to build another six vessels.

Environmentally friendly technology with focus on low fuel consumption and meeting the DNV Clean Design standard are key characteristics of the vessels.

The 74.7 m long, 17.4 m beam vessels will have a bollard pull in excess of 145 tons, and will be outfitted with a winch of 350 tons. Deadweight is 3,000 t.

The main engines will be rated at approximately 12,000 bhp