Aker Yards invests in a new Arctic Research Center in Finland

27-August-04

(Oslo - Helsinki) As the outlook for arctic markets looks positive Kvaerner Masa-Yards and Aker Yards have decided to invest through it�s subsidiary Kvaerner Masa-Yards Inc. in a new arctic ice-laboratory. The new laboratory would inaugurate in the beginning of 2006. The future of Kvaerner Masa-Yards� present ice-laboratory, know as MARC, has been uncertain for some time as the lease in Arabianranta, Helsinki, is running out.

�The icebreaker being built for Russia�s Far-Eastern Sea-shipping company�s Shahalin as well as the new order of a container vessel for Norilsk Nikel are both prototypes in a class of their own. These prototypes are based on a new technology that has been developed in the company�s Arctic Research Center MARC. They have strengthened our belief in the meaning of development work in shipyard success. This investment- and incorporation decision will benefit the whole Aker Yards� Group, as well as other external partners with arctic maritime products,� says Yrj� Julin, President, Kvaerner Masa-Yards.

The new company will continue the work of MARC. Additionally, the new company will begin to market and sell complete ship-projects. The ambition is to create their own selection of internationally recognized ship-types for arctic conditions.

The new Arctic Research Center will be located at the capital area of Finland with the strongest candidate being the former Vuosaari shipyard area suggested by Helsinki City. The new Research Center laboratory will include a 70-meter long ice model basin. This basin will be twice as wide as the one used today in order to allow modeling of wide-scaled offshore operations, and to double the capacity for normal ship testing.

The intention is for the new company to start operation during this fall.

History of MARC

MARC (Masa-Yards Arctic Technology Center) has been the Arctic R&D unit with Kvaerner Masa-Yards Inc. The unit has been operating it�s own ice model basin for 35 years. The current laboratory was the biggest in the world when completed in 1983.

During it�s lifetime, MARC has been involved in projects in all areas which have freezing water ways. The accumulated knowledge of the problems and the technologies has made MARC capable of creating innovative solutions for operation suffering from the presence of ice. The most advanced ship designs today, like the double acting tanker, the double acting icebreaker-supply vessel, and the oblique icebreaker, originate from MARC.
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For more information, please contact:
Mikko Niini, Managing Director Aker Arctic Technology,
tel. +358 400 322 747 or +358 10 670 2499

Aker Yards Tore Langballe, SVP Communications and Investor Relations, +47 90 777 841

Aker Finnyards Mr Yrj� Julin, President, tel. +358 10 670 2201

Ms Minna Staffans, Manager Corp. Communications, tel. +358 10 670 2409
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Aker Yards is an international shipbuilding group focusing on complex and sophisticated vessels and is Europe's largest and one of the world's five largest shipbuilders.Aker Yards has a strong position in terms of capacity, product range, technology and experience. The Company's product range includes offshore vessels, cruise and ferry vessels, other complex vessels and merchant vessels. The Group has 13 yards in four countries in Europe and in Brazil. Aker Yards had a turnover of NOK 16 bn. in 2003, and has approximately 14.500 employees. www.akeryards.com

Kvaerner Masa-Yards Inc. is specialised in designing and building cruise vessels, ferries and technically demanding vessels. Our Customer Service division is providing life cycle services for vessels and Piikkio Works Oy, a separate company under Kvaerner Masa-Yards, manufactures ready-to-install modular cabins and bathrooms. Kvaerner Masa-Yards also offers marine related design and engineering services, at its marine engineering units located in Finland and Canada. In 2003 Kvaerner Masa-Yards Inc. had annual revenues of about �770 million, and an own staff of about 3,600. Kvaerner Masa-Yards Inc. is owned by Aker Yards ASA, which is listed on the Oslo Stock Exchange. www.masa-yards.fi