Aker Yards Concludes Loan Facility

As previously announced in the prospectus prepared in relation to the listing at the Oslo Stock Exchange, Aker Yards is in the process of refinancing the Group. As a part of that, Aker Yards has concluded a three-year syndicated bank-loan facility of NOK 300 million.

Further, Aker Yards has issued the first tranche of NOK 200 million in a subordinated bond with a fixed interest of 8.6 percent. The total frame for this four year bond is NOK 600 million. The company intends to list the bond at the Oslo Stock Exchange.

In line with the information given in the prospectus, it has been established a subordinated, convertible loan with Kvaerner Holding AS of NOK 236 million, with a five year maturity, and a fixed interest rate of 4.5 percent. The loan may be converted to shares in Aker Yards ASA at NOK 127.50 at any point in time until July 2009. If the loan is fully converted, approx 1.85 million new shares will be issued.