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Marine Log

March 14, 2007

Aker ASA to sell its stake in Aker Yards

Aker ASA has decided to offer its 40.1 percent holding in Aker Yards to Norwegian and international institutional investors.

The share divestiture will commence immediately through a bookbuilt offering managed by J.P. Morgan and SEB Enskilda.

Through the divestiture of Aker Yards stock, Aker ASA says it will will free up both managerial capacity and financial resources that can be applied to other Aker companies, targeting new businesses, and long-term industrial development.

"As a proactive industrial owner, we will expend greater resources on strengthening our newly established business activities and further developing Aker companies that are en route to the Oslo Stock Exchange, says Leif-Arne Langoy, Aker's Chairman & CEO and Chairman of Aker Yards.

Aker ASA says that its mission is to create new business opportunities and build premier companies in industries where it has "great expertise and execution ability."

Aker American Shipping, Aker Drilling, Aker Floating Production, Aker Exploration, Aker Oilfield Services, and Aker BioMarine are all relatively recently established companies that have great potential.

"Although we develop companies as if they are to be permanently held, this approach does not prevent us from selling when we believe other owners can better advance a company's development. We will always strive to do what is best for each company and to enhance shareholder value," says Langoy.

Aker Philadelphia Shipyard is not one of the 17 yards within Aker Yards. It is 100% held by Aker American Shipping, Inc, a wholly owned subsidiary of Aker American Shipping ASA

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