Aker Yards Swaps Name for STX to Focus on International Market

The world's leading builder of cruise and offshore vessels, Aker Yards, has changed its name to STX Europe. The name change reflects the entry of the South Korean-based STX Business Group as principal shareholder in the company during summer 2008. Effective November 3, the international shipbuilding group Aker Yards, with head office in Oslo, Norway, and all its subsidiaries, will share the common brand STX Europe.

"As Aker Yards, this company established a track record for building some of the world's most innovative ships. As STX Europe, we approach the market with a new brand and the sharper strategic focus of attaining international market leadership within our two key segments: cruise and offshore vessels," said Torstein Dale Sjotveit, President & CEO of STX Europe ASA.

STX Europe specializes in designing and building advanced cruise ships and purpose-built vessels for offshore oil and gas operations, and other specialized ships. All the largest cruise ships in the world were built or are currently under construction at STX Europe's yards. In 2008, STX Europe will deliver 9 state-of-the-art cruise ships, 28 cutting-edge offshore and other specialized vessels, and 2 chemical tankers.

"Going forward, we have a high order backlog, an outstanding product range, and STX as a strong industrial owner. Together, this comprises a solid foundation from which to address a challenging market", added Sjotveit.

Aker Yards ASA became part of the South Korean based STX Business Group in August 2008, when STX became the principal shareholder, with an ownership share of 92.46 percent. STX Business Group is an international industrial group with broad shipbuilding and shipping activities, total revenues of EUR 9.05 billion last year and 39 000 employees at year end 2007.

"Our focus has always been to develop cutting-edge maritime solutions that provide maximum profitability and efficiency for our customers. We see many opportunities for synergies with other parts of the STX Business Group, as we leverage STX' combined maritime experience, skills and resources," commented Torstein Dale Sjøtveit.

The company is listed at the Oslo stock exchange under the ticker STXEUR (former AKY).



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