AKER TO SELL AKER YARDS SHARES
Aker Yards is growing and developing well. Profits are rising and the shipyard group`s order backlog is at a historic high. In recent years, Aker Yards has strengthened its position as a leading international shipyard group, with a total of 17 yards in Norway, Finland, Germany, France, Ukraine, Romania, and Brazil. In addition, a modern yard for building offshore and specialized vessels is under construction in Vietnam.
- Aker`s proactive ownership over a number of years has contributed to profitable growth and a steady strategic course for Aker Yards. The shipyard group is now world-leading in the design and building of cruise ships, ferries, offshore service vessels, and select merchant vessel types. We are proud to have joined forces with Aker Yards in this phase of its development, says Leif-Arne Langøy, Aker`s Chairman & CEO and Chairman of Aker Yards.
- We are confident that our share sale will inspire Aker Yards` board, management and employees to continue their excellent development of the company. We also consider that greater share liquidity will enhance Aker Yards` attractiveness to investors and the stock market in general, says Langøy.
The share divestiture will commence immediately; with shares offered to Norwegian and international institutional investors in a bookbuilt offering managed by J.P. Morgan and SEB Enskilda.
Aker Yards has confirmed it will participate in meetings with potential investors, in order to contribute to Aker`s share divestiture proceeding in a manner that benefits all company shareholders.
Share divestiture backgroundAker ASA`s mission is to create new business opportunities and building premier companies in industries for which Aker possesses great expertise and execution ability.
- Although we develop companies as if they are to be permanently held, this approach does not prevent us from selling when we believe other owners can better advance a company`s development. We will always strive to do what is best for each company and to enhance shareholder value, says Langøy.
Through the divestiture of Aker Yards stock, Aker will free up both managerial capacity and financial resources that can be applied to other Aker companies, targeting new businesses, and long-term industrial development. The company`s dividend policy remains unchanged.
- As a proactive industrial owner, we will expend greater resources on strengthening our newly established business activities and further developing Aker companies that are en route to the Oslo Stock Exchange, says Langøy. Aker American Shipping, Aker Drilling, Aker Floating Production, Aker Exploration, Aker Oilfield Services, and Aker BioMarine are all relatively recently established companies that have great potential.
-----------For further information, please contact:Geir Arne Drangeid, Group EVP, Aker ASA, tel: +47 913 10 458
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Disclaimer
`These materials are not for distribution, directly or indirectly, in or into the United States (including its territories and possessions, any State of the United States and the District of Columbia). These materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The Shares mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933 (the `Securities Act`).The Shares may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act. There will be no public offer of securities in the United States.`