The price of part of Finnyards FIM 95 million

Archive 22.8.1997 0:00 EEST

Based on the formal request from the Norwegian Stock Exchange to Aker Maritime ASA concerning the purchase price of part of Finnyards due to the fact that Aker Maritime's share price has gone upwards in Oslo Stock Exchange. Aker will publish at 1.00 p.m. Finnish time the following Press Release which has been translated from the original Norwegian Press Release:
AMA: FIM 95 million paid for Finnish yard
Following yesterday's newspaper reports and speculation about the price being paid by Aker Maritime for a Finnish shipyard in Finland, the Finnyards owners have accepted that Aker Maritime should make following announcement:
The letter of intent specifies that Aker Maritime will pay FIM 95 million for its 60 per cent interest in the new company. When the remaining 40 per cent is acquired, its price will be determined by the earnings of the new company up to the acquisition date. This payment is limited upwards to FIM 75 million.
Otherwise, Aker Maritime would emphasise again that it is not acquiring the Finnyards company. It will be establishing a new company together with Finnyards, and the new company will acquire the ownership of one of the two Finnyards shipyards in the town of Rauma and all shipyard employees in Finnyards.
In the press release issued by Aker Maritime on 20 August 1997, the group states that it is acquiring the yard to build hulls for drill and production ships as well as other large structures for the oil industry. These include the support structures for spar platforms.
As noted in this press release, Finnyards had revenues of roughly FIM 1.3 billion last year and has suffered substantial losses in recent years on contracts which are now completed. Aker Maritime will not be taking any financial responsibility for these or other existing contracts.
Reko Aalto-Setälä
VP, General Counsel,
Corporate Legal Affairs
Kari Toikka
VP, Investor Relations
The Helsinki Stock Exchange
The main media