Aker Yards Says Order Backlog at All Time High

Aker Yards ASA reported an EBITDA of NOK 357 million for the first quarter of 2006, an increase of 125 percent compared with the first quarter of 2005. The order intake in the first quarter was NOK 14.3 billion, almost a doubling from the previous quarter, giving a total order backlog of NOK 47.9 billion at the end of the quarter, representing 123 vessels to be built at the groups' 13 yards. Eight vessels were completed and delivered in the first quarter. The activity level is expected to remain high in 2006 and onwards.

Aker Yards had revenues of NOK 5 397 million in the first quarter of 2006, an increase of 57 percent compared with NOK 3 438 million in the corresponding period of 2005. High activity in all three business areas is contributing to the positive development.

Order intake in the first quarter was NOK 14.3 billion, of which Cruise & Ferries and Offshore & Specialized Vessels contributed the major part. The Genesis vessel ordered by Royal Caribbean represented more than half the intake. The order backlog at the close of the first quarter was NOK 47 868 million, compared with NOK 31 487 million at the end of the first quarter 2005.

Aker Yards achieved an EBITDA result of NOK 357 million in the first quarter of 2006, compared with NOK 159 million in the corresponding quarter of 2005. The EBITDA margin for the first quarter of 2006 was 6.6 percent.

The activity level is expected to remain high in 2006 and onwards.

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