Aker Yards Reports 2nd Quarter 2004 Results

Aker Yards ASA reported an EBITA of NOK 148 million in the second quarter, which corresponds to an EBITA-margin of 4.5 percent. The margin so far this year is 5.2 percent. Operations are developing according to plan, and the guidance for this year is maintained.

Aker Yards had operating revenues of NOK 3 317 million in the second quarter of 2004, compared to NOK 4 309 million in the corresponding period in 2003. The Group saw revenues of NOK 5 962 million in the first half of the year, which is according to the plan for the year.

The order intake in the second quarter was NOK 1 117 million compared to NOK 947 million in the second quarter in 2003. The order reserve at the end of the second quarter was NOK 16 458 million compared to NOK 11 549 million in the same period last year. In the Offshore Service Vessels business area order intake continues to improve. The increased activity in Cruise & Ferries is not yet materializing in new orders.

In the first six months of 2004 the EBITA was NOK 310 million, whereas the result in the corresponding period in 2003 was NOK 737 million. Aker Yards achieved an EBITA of NOK 148 million in the second quarter of 2004, relative to NOK 449 million in the corresponding quarter last year. The EBITA margin for the second quarter in 2004 was 4.5 percent. Aker Yards maintains its guidance for the year 2004, and estimates operating revenues for the group of NOK 11 - 12 billion for 2004 and expects to achieve an EBITA margin above 3 percent for the full year (excluding non-recurring items.)

Aker Yards was listed at the Oslo Stock Exchange on 1 June 2004 with the ticker AKY.

The combination of the shipbuilding activities in Aker and Kvaerner has been accounted for from 1 April 2004. Historical figures in this report are proforma figures based on the results of the Aker Yards Group and the shipbuilding activities in Kvaerner.