Completion of FLC - Aker Yards transaction scheduled for July

Norway's Aker Yards and the Russian company FLC expects to complete the transaction in which FLC buys 70 percent ownership in three Aker yards in Ukraine and Germany in July 2008.

The agreement was announced on March 25, 2008. The one remaining item in the process before the transaction is concluded is to complete the process to obtain approval from the Ukraine competition authorities. This process has taken somewhat longer than anticipated, but FLC and Aker Yards expect that it will be possible to get this final approval shortly.

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