Aker and DOF Create Aker DOF Supply

DOF ASA and Aker Capital are jointly establishing the shipowning company Aker DOF Supply.

'Many exciting business opportunities await Aker DOF Supply in a large and growing market,' says Leif-Arne Langoy, Aker's Board Chairman and President and CEO. 'DOF is an international supplier of services for the offshore oil and gas industry and a leading provider of supply vessels. Working with DOF, Aker will actively participate in the development of the new offshore shipowner, Aker DOF Supply.'

Aker Capital is a wholly owned subsidiary of Aker ASA. Aker and DOF are listed on the Oslo Stock Exchange.

DOF CEO Mr. Mons Aase comments: 'DOF and Aker companies have been working together for many years to develop both offshore vessel types and business opportunities. Aker Oilfield Services was established earlier this year by pooling the know-how of DOF Subsea, Aker, Aker Kværner, and Aker Yards. A new and even closer working relationship will be seen in Aker DOF Supply.'

Aker DOF Supply is owned 50/50 by Aker Capital and DOF. The newly established offshore shipowning company will own a series of six anchor-handling (AHTS) vessels to be built at Aker Yards' shipyard in Vietnam and marketed to customers in Asia's rapidly growing offshore market. The six vessels will have a greater towing capacity and more powerful main engines than the vessel type presented in Aker's May 3, 2007 press release and notice to the Oslo Stock Exchange.

The contract value of the newbuilding series of six AHTS vessels is approximately NOK 1.8 billion. The ships are specially designed to perform anchor-handling, towing, and supply services at offshore oil and gas fields. The delivery period for the vessels is 2010 - 2012. As previously announced, the newbuilding order includes an option to build an additional six vessels. All vessels will meet the strictest environmental standards.

The DOF group currently has a fleet of 57 vessels in operation or on order. DOF will be in charge of commercial and technical operations for Aker DOF Supply via an agreement with DOF Management.

Aker DOF Supply will be established with NOK 60 million in equity. No decision has been made regarding bringing in additional Aker DOF Supply shareholders. Aker DOF Supply's six anchor-handling (AHTS) vessels are of the AH08 Aker Yards design. The towing power (Bollard Pull) of the vessels is approximately 180 metric tons; their main engines are rated at about 16,000 BHP. The AHTS vessels will conform to the strictest environmental standards, Det Norske Veritas' Clean Design.