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Marine Log

June 1, 2006

Aker completes Chantiers deal

Aker Yards has completed its deal to take over ALSTOM's shipyards in Saint-Nazaire and Lorient, France.

Aker Yards and Alstom say that all the necessary approvals from authorities have now been received, and all other conditions have been lifted. In connection with the closing of the transaction the newly formed Aker Yards SA has received a committed offer of EUR 550 million in construction financing to finish its current backlog of cruise ships. The financing is underwritten by a syndicate of four international banks.

Aker Yards SA consists of the shipyards in Saint-Nazaire and Lorient, and will be a part of the Cruise & Ferries business area in Aker Yards.

Aker Yards owns 75% of Aker Yards SA, and ALSTOM the remaining 25% until 2010.

Jacques Hardelay, the Chief Operating Officer of Chantiers de l'Atlantique, is Managing Director of Aker Yards SA. He reports to Yrjo Julin, the President of Cruise & Ferries business area in Aker Yards.

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