Aker Yards Sheds Three Yards
Aker Yards Flor�, which is also part of the business area Merchant Vessels, is not influenced by the sale, and remains 100 percent owned by Aker Yards.
On the heels of its financial troubles, Aker Yards ASA announced that it will sell 70 percent of its ownership in three of the yards within its Merchant Vessel business area to FLC West, a Russian investment company, for $459m. It is expected that the new jointly owned unit will deliver modern vessels to meet the growing demand by Russian companies in hydrocarbons exploration, production and transportation for specialized ships. Aker Yards ASA has three business areas; Cruise & Ferries, Offshore & Specialized Vessels and Merchant Vessels. The business area Merchant Vessels has shipyards in Flor�, Norway, Nikolaev in Ukraine, and in Wismar and Warnem�nde in Germany. FLC West will buy 70 percent ownership in the Norwegian based company Aker Yards Ukraine Holding AS, which in turn will own 100 percent of the yards in Nikolaev, Wismar and Warnem�nde. Aker Yards will remain as owner of 30 percent of Aker Yards Ukraine Holding AS. Currently, Aker Yards Ukraine Holding AS owns 100 percent of Aker Yards' Nikolaev facility in Ukraine. Before the transaction with FLC West, Aker Yards will transfer its 100 percent ownership of the company's yards in Wismar and Warnem�nde in Germany to Aker Yards Ukraine Holding AS. FLC is a Russian state controlled investment company with $1.5b in leasing portfolio. The company has been established to invest in industries of strategic imporApril 2008
tance. In the interest of the Russian Federation, FLC has recently also become heavily involved in developing of the Russian shipbuilding and shipping industry. FLC West is located in Luxembourg, and is owned 50 percent by FLC. The remaining 50 percent is owned by the private Cyprus investment company Almiar Investment Ltd, which in turn is owned by FLC private shareholders. Aker Yards Ukraine Holding AS will continue to be based in Norway with headquarters in Oslo, and the company will later be renamed. Tom Einertsen, currently President of Aker Yards' business area Merchant Vessels will become CEO of the company. There are no planned changes in management, organization, number of employees, pensions or benefits at the involved yards as a result of the sale. Also, there are no changes to the execution of ongoing contracts and order backlog as a result of the new ownership model. Aker Yards Flor�, which is also part of the business area Merchant Vessels, is not influenced by the sale, and remains 100 percent owned by Aker Yards. The yard has currently an order backlog for more than two years with six chemical tankers of which the first ship has just been completed. The transaction is expected to be completed in the summer of 2008, and is pending approval from relevant authorities, including competition authorities in Germany and Ukraine.
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