Aker Yards Pleased with 2004 Results

Aker Yards ASA reported an EBITDA of NOK 182 million for the fourth quarter, which corresponds to an EBITDA margin of 4.7 percent. The EBITDA margin for the full year is 6.4 percent. Operations are developing according to plan, and the order intake in the fourth quarter was NOK 6.4 billion, giving a total order backlog of NOK 23.4 billion. For 2005, Aker Yards foresees a growth in revenues, compared with 2004, and aims to have an EBITDA result somewhat above the level of 2004. Despite the increased order backlog Aker Yards is still not at full capacity utilization. The Board of Directors proposes to pay a dividend for 2004 of NOK 5.75 per share, a total of NOK 118 million.

Aker Yards had revenues of NOK 3 850 million in the fourth quarter of 2004, compared with NOK 3 513 million in the corresponding period of 2003. The increase is primarily a result of activity growth in Offshore and Specialized Vessels, and in Merchant Vessels. The Aker Yards Group had revenues of NOK 12 514 million for the full year, which is above the upward-adjusted guidance given in the fourth quarter of 2004.

Order intake in the fourth quarter was NOK 6 378 million. The order backlog at the close of the fourth quarter was NOK 23 366 million, compared with NOK 18 246 million at year-end 2003. The order backlog in Cruise & Ferries is now NOK 10.2 billion. In the Offshore and Specialized Vessels business area, and in Merchant Vessels, the order intake continues to improve.

For the full year 2004, EBITDA was NOK 802 million, whereas the EBITDA for 2003 was NOK 1 610 million. Aker Yards achieved an EBITDA of NOK 182 million in the fourth quarter of 2004, compared with NOK 285 million in the corresponding quarter of 2003. The EBITDA margin for the fourth quarter of 2004 was 4.7 percent.

For 2005, Aker Yards foresees a growth in revenues, compared with 2004, and aims to have an EBITDA result somewhat above the level of 2004. First-quarter 2005 results will suffer from low order intake in 2003.

The Board of Directors proposes to pay a dividend for 2004 of NOK 5.75 per share.

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