Porto Alegre, March 25, 2004 (Agência Brasil) - The board of the shipbuilder, Aker Promar S/A, controlled by the Norwegian group, Aker Yards, has decided to invest US$ 100 million to implant the largest shipyard in the southern hemisphere, in the Port of Rio Grande, in the South of Brazil.

The shipyard, with capacity to construct large vessels, up to 350 meters long, and offshore petroleum platforms, will generate 5 thousand direct jobs and 20 thousand indirect ones, as well as 1.5 thousand temporary positions during the installation phase, which should get underway in September. The yard will occupy an area of 30 hectares and will commence operations at the end of 2005.

The president of the Aker Promar S/A Shipyard, Paulo Haddad, said that the decision to establish the shipyard in Brazil was motivated by the budget of the Brazilian Petroleum Company, Petrobrás, for investments in the petroleum and natural gas areas over the next 7 years: US$ 33 billion, of which US$ 27 billion are earmarked for ships and platforms.

Of the US$ 100 million that will be invested in the enterprise, 60% will come from the National Economic and Social Development Bank (BNDES), and 40% will be covered by the group's operating capital.

Aker Yards owns 19 shipyards around the world. It is the largest European group in this sector. In Brazil the company is associated with Promar, which is based in Rio de Janeiro and controls 49% of the business.

Translator: David Silberstein