Aker Yards to Set up in Asia

Aker Yards is taking a strategic position in the fast growing Asian market for offshore vessels by setting up a shipyard in Vietnam. The shipyard will be a joint venture between Aker Yards (70%) and Amanda Group (30%). The Amanda Group with headquarter in Singapore has extensive industrial experience in Vietnam. The shipyard will be located in Vung Tau, centrally located in the heart of Vietnams growing offshore operations. The new yard in Vietnam will strengthen Aker Yards ability to serve its international customers in the region. Aker Yards will invest USD 16 mill over a period of three years. The yard will deliver the first vessel in 2009, and will in full operation have an annual capacity of 3-4 vessels, dependent of vessel type and size. Vietnam offers a unique combination of cost efficient production, highly skilled workforce and proximity to the important and growing Asian offshore market.