Aker Yards ASA and Aker ASA to establish new company

Nordic Business Report, June 9, 2005

NORDIC BUSINESS REPORT-9 June 2005-Aker Yards ASA and Aker ASA to establish new company(C)1994-2005 M2 COMMUNICATIONS LTD http://www.m2.com

Norwegian shipbuilder Aker Yards ASA said on Thursday (9 June) that it had agreed with the Norwegian industrial holding company Aker ASA to establish a new company, Aker Invest.

The new company would manage existing financial investments and identify and develop new value creating projects in the Aker group.

Aker Invest would be established by transferring assets from Aker and Aker Yards to the new company in exchange for shares.

The combined value of the portfolio is NOK880m, the company said.

Based on the relative value of the assets in the transaction, the ownership in Aker Invest is divided 60/40 between Aker and Aker Yards respectively.

In a separate agreement Aker Invest has committed to invest USD20m in the Eastern Drilling project, a semi-submersible drilling rig which is due for delivery in the fourth quarter of 2007.

One Norwegian krone (NOK) is worth approximately 0.08 British pounds (GBP).One US dollar (USD) is worth approximately 0.54 British pounds (GBP).

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