Aker Yards and Alstom Marine complete transaction

Aker Yards and ALSTOM announced on 4 January 2006 their intention to join forces in shipbuilding. The transaction was concluded during a signature ceremony in Paris on May 31 2006. Reference is made to the company disclosure dated 4 January 2006 in respect of the establishment of a new company consisting of ALSTOM?s shipyards in Saint-Nazaire and Lorient. All the necessary approvals from authorities have now been received, and all other conditions have been lifted. In connection with the closing of the transaction Aker Yards SA has received a committed offer of EUR 550 million in construction financing to finish its current backlog of cruise ships. The financing is underwritten by a syndicate of four international banks and benefits from the support of a French state guarantee.