STX Norway as provides short term liquidity financing to Aker Yards

The delayed completion of Aker Yards' sales of 70 percent of its Merchant Vessels Business to FLC West caused a short-term liquidity need at Aker Yards. In order to compensate for this short term liquidity need, Aker Yards requested STX, 40.4 percent shareholder of Aker Yards, to support it by arranging short-term financing or by participating in a bond issue. STX Norway AS has today agreed to provide short-term financing to Aker Yards in the aggregate amount of NOK 450,000,000. The loan carries an interest rate of NIBOR +1.5 percent and shall be repaid to STX Norway AS no later than on 31st July 2008.

Source: Aker Yards