CORRECTION FROM SOURCE/Davie Yards Inc. Releases Fourth Quarter and Year End Results: 2007-A Year of Revitalization of

LEVIS, QUEBEC, Mar 31 (MARKET WIRE) --
Davie Yards Inc. ("Davie" or the "Company") (TSX: DAV) today released
its financial and operating results for the three month and twelve month
periods ended December 31, 2007.

Revenue for the three months ended December 31, 2007 was USD 10.02
million and USD 46.8 million for the full year. EBITDA for the fourth
quarter was negative with USD 12.4 million, and negative with USD 15.4
million for the full year. Net loss was USD 10.7 million for the fourth
quarter and USD 15.2 million for the full year. The order backlog as of
December 31, 2007 was USD 591.6 million, consisting of three Offshore
Construction Vessels and two Multipurpose Accommodation Vessels.

The Company has in 2007 had its first full operational year with the
first contracts secured in Feb. 2007. These contracts have enabled Davie
to mobilize and restart the idle ship yard to a fully operating facility.
Employment has increased from 30 to 765 employees (as of 25 March 2008),
and production has increased significantly. Over the past months the
Company has put the foundation in place for a continued success by
strengthening the financial position through a CAD $47.3 million IPO and
recruiting a CEO and CFO with significant maritime experience.

The Company is currently benefitting, from a strong demand for offshore
service vessels due to an expansion in offshore exploration and
production, as well as a replacement of an ageing fleet. The market
outlook for the construction of complex offshore vessels is currently
strong, and Davie anticipates securing additional construction contracts
in fiscal 2008.

The Company has taken a provision in the fourth quarter regarding the
weakening of the US dollar and additional costs related to the ramp up of
the yard.

Davie Yard's newly appointed CEO, Mr. Steinar Kulen, said "I am delighted
to join Davie Yards and look forward to capitalizing on the capabilities
of this impressive yard in Quebec." Mr. Kulen brings 20 years of
experience from the maritime industry.

For a complete copy of the Financial Statements and the Management's
Discussion and Analysis please visit www.sedar.com or www.davie.ca.

About Davie Yards Inc.

Davie Yards Inc. owns and operates the Davie Shipyard. With over 180
years of operating experience, the Davie Shipyard is the largest in
Canada and among the most sophisticated shipbuilding facilities in North
America. The company has a primary focus on building complex and
technologically advanced vessels for the offshore oil exploration and
production services sector. Its shares are traded on the Toronto Stock
Exchange (DAV). News and information are available at www.davie.ca.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This news release contains forward-looking information within the meaning
of applicable Canadian securities legislation. These statements include
those relating to the expectations of the Company regarding additional
contracts in fiscal 2008 and other statements that are not historical
facts, and reflect the current intentions, plans, expectations and
beliefs of Davie's management ("Management"). Such forward-looking
statements reflect Management's current beliefs and are based on
information currently available to Management. Forward-looking statements
involve known and unknown risks, uncertainties and other factors outside
Management's control. A number of factors could cause actual results of
Davie to differ materially from the results predicted in the
forward-looking statements, including, but not limited to, risks
associated with a downturn in economic conditions, competition and
sensitivity to the oil and gas industry and other factors referred to
under "Narrative Description of the Business - Risk Factors" in Davie's
Annual Information Form dated March 25, 2008.

Although the forward-looking statements contained herein are based upon
what Management believes to be reasonable assumptions, Management cannot
assure investors that actual results will be consistent with these
forward-looking statements. Certain assumptions underlying the
forward-looking statements contained in this news release include
Management's assumptions regarding market outlook for the construction of
complex offshore vessels as well as the assumptions that the Corporation
will be able to realize on certain options and other contingent
contracts, deliver new vessels on schedule and attract and retain key
personnel in key positions. These forward-looking statements are made as
of the date of this release, and Management assumes no obligation to
update or revise them to reflect new events or circumstances, except as
required pursuant to applicable securities laws. Readers are cautioned
not to place undue reliance on these forward-looking statements. For
additional information with respect to certain of these and other
assumptions and risks, please refer to the Company's Annual Financial
Statements for the year 2007, Management's Discussion and Analysis for
the same period and the Company's Annual Information Form dated March 25,
2008.

Contacts:
Davie Yards Inc.
Steinar Kulen, CEO
+47 67 200 300 / + 47 90105698
steinar.kulen@davie.no

Davie Yards Inc.
Audun Roneid, CFO
+47 67 200 300 / + 47 95085846
audun.roneid@davie.no

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