June 23, 2004

PSV order for Aker Yards

Building hulls in Romania is helping a Norwegian yard win OSV orders in a keenly competitive market. Aker Brevik, a wholly owned subsidiary of Aker Yards, has entered into a contract with Island Offshore VIII KS, Ulsteinvik, Norway, to deliver a UT 755L platform supply vessel. The approximately NOK 130 million ($18.8 million) contract secures full capacity utilization through the end of 2004 at Brevik Construction AS, Aker Brevik's Norwegian shipyard.

The platform supply vessel for Island Offshore VIII KS is designated newbuilding number 33 at Brevik Construction AS. However, the hull be built at Aker Brevik's subsidiary in Romania, Aker Braila. The hull will arrive at Brevik in early August.

Delivery of the vessel is scheduled for late January 2005. Brevik Construction AS's current order backlog comprises two vessel newbuildings, in addition to the PSV for Island Offshore, and six process modules.

Brevik Construction AS has already delivered 14 platform supply vessels of the same type as contracted by Island Offshore VIII KS; an additional UT 755L will be delivered in late June this year. Brevik Construction AS has also delivered six anchor handling tug supply (AHTS) offshore service vessels during the past two years.

"We are pleased to have won yet another contract to build a platform supply vessel. This contract award proves that we are competitive in a market that continues to be challenging," says Aker Brevik Managing Director Lars Stark.

"This is an important contract for Aker Brevik and its subsidiaries," notes Stark. "Economic benefits will also accrue to our Grenland industrial area, where several key subcontractors for the project are located."

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