Aker Yards to Build Platform Supply Vessel

Aker Yards, via its wholly owned subsidiary Aker Brevik, has entered into a contract with Island Offshore VIII KS in Ulsteinvik, Norway, to deliver a UT 755L platform supply vessel. The approximately NOK 130 million PSV newbuilding contract secures full capacity utilization through the end of 2004 at Brevik Construction AS, Aker Brevik's Norwegian shipyard.

The platform supply vessel for Island Offshore VIII KS is designated newbuilding number 33 at Brevik Construction AS.

Brevik Construction AS has already delivered 14 platform supply vessels of the same type as contracted by Island Offshore VIII KS; an additional UT 755L will be delivered in late June this year. Brevik Construction AS has also delivered six anchor handling tug supply (AHTS) offshore service vessels during the past two years.

"We are pleased to have won yet another contract to build a platform supply vessel. This contract award proves that we are competitive in a market that continues to be challenging," says Aker Brevik Managing Director Lars Stärk.

Mr. Stärk continues: "This is an important contract for Aker Brevik and its subsidiaries. Economic benefits will also accrue to our Grenland industrial area, where several key subcontractors for the project are located."

The hull for the PSV vessel for the Island Offshore delivery will be built at Aker Brevik's subsidiary in Romania, Aker Braila. The hull will arrive at Brevik in early August. Delivery of the vessel is scheduled for late January 2005.

Brevik Construction AS's current order backlog comprises two vessel newbuildings, in addition to the PSV for Island Offshore, and six process modules.