Aker Yards to Build PSV

Aker Yards, via its wholly owned subsidiary, Aker Brevik, has entered into a contract with Island Offshore VIII KS in Ulsteinvik, Norway, to deliver a UT 755LN platform supply vessel. The value of the contract is approximately NOK 130 million. This is the fourteenth contract between the shipowner, Island Offshore Group in Ulsteinvik and Aker Yards and the third for delivery in 2005 between Aker Brevik AS and the Island Offshore Group. The hull for the PSV will be built at Vyborg Shipyard in Russia, and will arrive in Brevik in August this year. Delivery of the vessel is scheduled for medio December 2005. The platform supply vessel for Island Offshore is designated newbuilding number 41 at Brevik Construction AS. With this contract Brevik Construction has a backlog of orders for 7 ships for delivery up to June 2006.