Offshore staff

OSLO, Norway -- Aker Yards ASA 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 and Amanda Group, with Aker Yards holding 70% interest.

The shipyard will be located in Vung Tau, centrally located in the heart of Vietnam's growing offshore operations.

The JV chose Vietnam because it offers a unique combination of cost efficient production, highly skilled workforce and proximity to the important and growing Asian offshore market, Aker says. The company believes the new yard will strengthen its ability to serve its international customers in the region.

Aker Yards will invest $16 million in the JV over three years.

The yard will deliver the first vessel in 2009. When the yard is in full operation, it will have an annual capacity of 3-4 vessels, dependent of vessel type and size.

Aker Yards is an international shipbuilding group. The Amanda Group, headquartered in Singapore, has extensive industrial experience in Vietnam.

1/11/2007