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 the new company 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.

A new company with the name Aker Yards SA has been established to which Chantiers de l'Atlantique will transfer its employees, assets and cruise ships contracts. Aker Yards SA consists of the shipyards in Saint-Nazaire and Lorient, and will be a part of the Cruise & Ferries business area in Aker Yards. Aker Yards owns 75 % of Aker Yards SA, and ALSTOM the remaining 25 % until 2010. Mr Jacques Hardelay will take over as Managing Director of Aker Yards SA from June 1st. Mr Hardelay is currently holding the position as Chief Operating Officer at Chantiers de l' Atlantique. Mr Hardelay will report to Mr Yrjö Julin, the President of Cruise & Ferries business area in Aker Yards.

By being part of Aker Yards, Aker Yards SA will benefit from a broadened product range and strong industrial synergies. Aker Yards Cruise & Ferries business area will be a unique and innovative force in the cruise market.

Aker Yards Cruise & Ferries business area will benefit from a unique design competence, combining the long tradition of French and Finnish cruise shipbuilding that has produced icons such as SS France, Queen Mary 2, the Voyager class and the Freedom class ships.

Aker Yards now has 15 yards in 6 countries, and more than 16 000 employees.

Attached is additional information regarding financial impact etc.

Aker Yards Tore Langballe, SVP Corporate Communications and IR +47 24 13 01 30

Aker Yards, France Marianne Minard, Communications Manager +33 251 10 9037

Aker Yards ASA is an international shipbuilding group focusing on sophisticated vessels. The group has a strong position both in terms of innovation, product range, technology, experience and capacity. The product range includes cruise vessels & ferries, merchant vessels, offshore & specialized vessels. Aker Yards comprises 15 yards in Brazil, Finland , France, Germany, Norway and Romania. Aker Yards has approximately 16,000 employees. www.akeryards.com

Aker Yards is part of the Aker Group (www.akerasa.com), a leading multi-industry powerhouse with more than 43,000 employees and EUR 7.5 billion revenues. Aker owns 50.4 per cent of Aker Yards, and the group is also a significant participant in the oil & gas business as well as the fisheries industry.