Aker Yards Names Julin CEO

Yrjo Julin, 49, has been appointed President & CEO of Aker Yards. He succeeds Karl Erik Kjelstad who has served as Aker Yards CEO since January 2003. Kjelstad will leave Aker Yards to join the executive management team of Aker ASA.

Julin has been with Aker Yards since 2002, first as President of Aker Finnyards and since 2004 as President of Aker Yards Cruise & Ferries Business Area. From the Aker Yards head quarters in Oslo, Norway, Julin will lead Aker Yards' 20,000-employee strong organization, with 18 shipyards in eight countries.

Over the next few weeks, Julin will visit many of Aker Yards locations to meet employees; he will also meet customers, media and other stakeholders.

"Under Karl Erik Kjelstad's dynamic leadership, Aker Yards has become renowned for its bold combination of strategic and operational development," said Julin. "The employees of Aker Yards have taken the company from an annual revenue base of NOK 12 billion to a revenue base of NOK 35 billion. I feel extremely proud and honored to be asked to lead Aker Yards into the future."

"Yrjo Julin has a solid industry track record, and the Board of Directors is very pleased that he has accepted the position as Aker Yards new CEO," said Svein Sivertsen Chairman of Aker Yards Board of Directors. "Over the past years, Aker Yards' shareholders have enjoyed a sustained period of positive shareholder value, and we are confident that Yrjo Julin will continue to grow shareholder value and build an even stronger Aker Yards going forward."

On steady course

Julin said his vision for Aker Yards is to continue building its global leading position in both the offshore & specialized vessel and cruise vessel market and to continue the repositioning of the merchant vessel business to be a niche player for specialized merchant vessels.

"In my opinion, Aker Yards' slogan "preferred for innovation" - pinpoints exactly what it takes to succeed in today's marketplace. Our employees are known for their passion for ships and dedication to deliver our newbuilding projects according to our promises. I look forward to developing an even stronger Aker Yards together with the employees" commented Julin.

Talking about the change of CEO, Kjelstad said: "I congratulate Yrjo Julin on his new appointment. Yrjo and I will work together to ensure a smooth transition and make this change a positive step forward for Aker Yards. I have enjoyed a fabulous nine years with Aker Yards, and I am extremely proud to have headed a team that has multiplied shareholder value six-fold. Together we have developed Aker Yards to be a global and leading player in its core markets. My Aker Yards colleagues have been a central part of my life, I will truly miss them. I will continue to be a part of Aker Yards as one of many shareholders."

Julin is President & CEO of Aker Yards effective June 11, 2007. Kjelstad will continue to work for Aker Yards for a period in order to ensure a smooth transition.

Julin has been with Aker Yards since 2002, first as President of Aker Finnyards and since 2004 as President of Aker Yards Cruise & Ferries Business Area. Prior to this, he worked in Componenta Corporation for 16 years, the last period as Group Executive Vice President and COO. Before that, he had various positions in the industry since 1982. Julin holds a Master of Science in technology as well as Licentiate in technology in metallurgy from Helsinki University of Technology. He is a Finnish citizen.

Aker Yards ASA is an international shipbuilding group focusing on sophisticated vessels. The group has a strong position both in terms of innovation, product range, technology, experience and capacity. The product range includes cruise vessels & ferries, merchant vessels, offshore & specialized vessels. Aker Yards comprises 18 yards in Brazil, Finland, France, Germany, Norway, Romania, Ukraine and Vietnam. Aker Yards has approximately 20,000 employees.

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