Aker Yards ASA

Aker Yards ASA Oslo, 29 July 2008: Aker Yards and FLC West have completed the previously announced transaction in which FLC West comes in as a 70 percent shareholder in three shipyards in Germany and Ukraine. The agreement has been approved by all relevant regulatory authorities. The transaction strengthens Aker Yards' financial capacity and liquidity, and it improves the potential for further development of the three involved yards.

Aker Yards ASA Aker Yards releases its 2nd quarter results for 2008 on Friday 8 August 2008

Aker Yards ASA Oslo, 21 July 2008: FLC West has confirmed to Aker Yards that they have received approval from Ukraine authorities to come in as a 70 percent shareholder in three of Aker Yards' shipyards in Germany and Ukraine. As all approvals from regulatory authorities are now in place, Aker Yards and FLC West will proceed with finalising the transaction within July. The completion of the transaction will affect Aker Yards' third quarter financial results. Further details regarding the final financial effects of the transaction will be presented at Aker Yards' presentation of the second quarter financial results at 8 August.

Aker Yards ASA 2nd quarter results 2008: 8 August 2008 (rescheduled from 15 August 2008)

Aker Yards ASA Oslo, 18 July 2008: Reference is made to the announcement by STX 18 July 2008 concerning the mandatory offer for all issued shares in Aker Yards ASA at a price of NOK 63 per share. Aker Yards' Board of Directors has not been advised of the details of the bid prior to the launch of the offer to the market and the shareholders. The board will now carefully review the offer and in cooperation with its advisors Arctic, JP Morgan and Wikborg Rein evaluate the offer price and details.

Aker Yards ASA Aker Yards has signed a contract with Island Offshore for building of a well intervention unit to Island Offshore. The vessel will be based on the same design as "Island Wellserver", delivered from Aker Yards earlier this year. The vessel is equipped for operations in the North Sea market especially, and world wide generally. The value of the contract is approximately NOK 1.2 billion included equipment supplied by the owners. The well intervention unit is scheduled for delivery in Q3 2011.

Aker Yards ASA Aker Yards has signed a contract with DOF ASA for building of three Anchor Handling Tug Supply vessels (AHTS). All the vessels will be of Aker Yards' own design and equipped for operations in the Brazilian market. The three ships are scheduled for delivery at the end of 2010, mid 2011 and towards the end of 2011 respectively.

Aker Yards ASA Aker Yards has a clear ambition to strengthen the operational focus in the business area Cruise & Ferries in Aker Yards, and has decided to strengthen the management team. The new manager for the yards in Finland, Martin Landtman, will together with the manager for the yards in France and the manager for sales and marketing report directly to the CEO.

Aker Yards ASA The delayed completion of Aker Yards' sales of 70 percent of its Merchant Vessels Business to FLC West caused a short-term liquidity need at Aker Yards. In order to compensate for this short term liquidity need, Aker Yards requested STX, 40.4 percent shareholder of Aker Yards, to support it by arranging short-term financing or by participating in a bond issue. STX Norway AS has today agreed to provide short-term financing to Aker Yards in the aggregate amount of NOK 450,000,000. The loan carries an interest rate of NIBOR +1.5 percent and shall be repaid to STX Norway AS no later than on 31st July 2008.

Aker Yards ASA Aker Yards and the Russian company FLC expects to complete the transaction in which FLC buys 70 percent ownership in three yards in Ukraine and Germany in July 2008. The agreement was announced 25 March 2008. The one remaining item in the process before the transaction is concluded is to complete the process to obtain approval from the Ukraine competition authorities. This process has taken somewhat longer than anticipated, but FLC and Aker Yards expects that it will be possible to get this final approval shortly.