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Marine Log

March 7, 2008

Havyard seeks Aker Yards board changes

Havyard Invest AS has been steadily building its stake in Aker Yards ASA over the past few days and has now emerged as the shipbuilder's second largest shareholder--after Korean-controlled STX Norway which has a 39.23 percent stake.

Havyard Invest AS has now asked Aker Yards to schedule an extraordinary shareholders' meeting, to enable the shareholders to elect a new Board of Directors. Havyard says that the company will enter into a dialogue with Aker Yards' Nomination Committee in order to develop a proposal for the composition of a new Board of Directors.

Aker Yards' ordinary Annual Shareholders Meeting is scheduled to take place in Oslo; Norway at 25 April 2008. Aker Yards will now process the request from Havyard Invest in line with the relevant legislation and procedures for listed companies. Aker Yards aims at announcing a date and time for an extraordinary shareholders meeting shortly.

Havyard Invest AS owns 5.56 percent of the shares in Aker Yards ASA. Havyard Invest says that the company in addition controls 4.62 percent of the remaining shares, and thus in total controls 10.17 percent of the shares in Aker Yards ASA.

Havyard bases its request for an extraordinary shareholders meeting on the legislation for Norwegian publicly listed companies, paragraph 5-7, second section.

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