Kvaerner Masa-Yards Inc. and FESCO are pleased to confirm that the subjects have been lifted and contract confirmed for one vessel. As the decision on a possible charter arrangement for an additional vessel has been moved forward, FESCO did not confirm the second vessel contract at this stage.
The vessel is due for delivery in May 2005 and will be operating in the harsh Okhotsk Sea environment in the Sakhalin area in the Far-East of Russia. The vessel has a length over all of 100 metres and a dead-weight of 4.000 dwt. The shaft power is 13 MW and the ship will be fitted with azimuthing electric propulsion. The vessel contract price is close to EUR 65 million.
For further information:
Contacts:
Media: Geir Arne Drangeid, Senior Vice President, Group Communications, Aker Kværner ASA: +47 67 51 30 36
Investor Relations: Tore Langballe, Vice President, Group Communications, Aker Kværner ASA: +47 67 51 31 06
Note to editor:
Aker Kværner ASA
is through its subsidiaries and affiliates ("Aker Kvaerner") a leading global provider of engineering and construction services, technology products and integrated solutions. The business within Aker Kvaerner spans a number of industries, including Oil & Gas production, Refining & Chemicals, Pharmaceuticals & Biotechnology, Mining & Metals, Power, Pulping and Shipbuilding. Aker Kvaerner has aggregated annual revenues of approximately USD 6 billion and employs around 29,000 employees in more than 30 countries. www.akerkvaerner.com
Kvaerner Masa-Yards Inc.
operates two highly modern newbuilding yards, in Turku and Helsinki, specialising in designing and building technically demanding vessels. Piikkio Works Oy, a separate company owned by Kvaerner Masa-Yards, specialises in the manufacturing of ready-to-install modular cabins and bathrooms, on two locations in Finland. Kvaerner Masa-Yards also offers marine related design and engineering services, at its marine engineering units located in Finland and Canada. Kvaerner Masa-Yards Inc. has annual revenues of about EUR 1 billion, and an own staff of approximately 4,200. Kvaerner Masa-Yards Inc. is owned by Aker Kvaerner and is a member of the Aker Kvaerner Yards group of shipyards.
Far-Eastern Shipping Company (FESCO)
based in Vladivostok, the capital of Primorsk Region, is the largest shipping company in Eastern Russia and has been a regional shipping leader for many decades. Founded in 1880 and ultimately reorganised as a publicly held company in 1992, FESCO owns and operates a fleet of more than 81 vessels, including 22 containerships, 11 refrigerator vessels, over 30 bulk, timber and other dry cargo carriers along with a number of icebreakers, passenger and harbour vessels. The company employs over 4,500 people on ships and ashore, and manages a large network of overseas subsidiary agencies and representative officers.
This press release may include forward-looking information or statements and is subject to our disclaimer, see our web-pages www.akerkvaerner.com