The following announcement is published on behalf of the Board of Directors of Odense Steel Shipyard Ltd.:


In order to improve the Yard’s competitiveness and to strengthen the production, CEO John Skov Hansen has wished to be relieved of his administrative tasks. Accordingly, John Skov Hansen will step down as CEO and continue as Executive Vice President responsible for the production within the Shipyard Group as a whole.


The Board of Directors has agreed on the employment of Torben Anker Sørensen as CEO as of 1 June 2004. Subsequently, the management registered with the Danish Commerce and Companies Agency (DCCA) will consist of Torben Anker Sørensen and John Skov Hansen.


Torben Anker Sørensen is 49 years old and holds a Master of Business Administration (MBA) from IMD, Switzerland. From 1997-2003 he worked at the Bombardier Group’s train division, latest at its head office in Berlin. Since June 2003, Torben Anker Sørensen has been CEO for Sterling airline.


Henning Balle Kristensen is appointed CFO as of 1 June 2004.