Aker Kvaerner’s sale of Pulping and Power businesses to Metso approved by the European Commission

12 December 2006 - Aker Kvaerner’s sale of its Pulping and Power businesses to Metso Corporation has today been approved by the European Commission. As a consequence, the transaction is planned to be closed by 31 December 2006. The final transaction value will be based on the balance sheet as of 31 December 2006. Aker Kvaerner confirms the estimates given in the announcement on 8 February 2006. The estimated transaction value is approximately NOK 3 billion, net cash effect around NOK 2.6 billion and net gain compared to book value about NOK 2.4 billion. The profit earned during 2006 will be consolidated into Aker Kvaerner’s accounts.

Aker Kvaerner has worked with Metso since June to support the planning for the integration of the business into Metso’s operations. The goal throughout this process has been to ensure continuity of service for customers, and a smooth transition for the operations within the requirements set by the European Commission. After the transaction is closed the integration of the businesses will commence.

ENDS

For further information, please contact:

Investor relations:
Lasse Torkildsen, VP Investor Relations, Aker Kvaerner. Tel: +47 67 51 30 39

AKER KVÆRNER ASA, through its subsidiaries and affiliates (“Aker Kvaerner”), is a leading global provider of engineering and construction services, technology products and integrated solutions. The business within Aker Kvaerner comprises several industries, including Oil & Gas, Refining & Chemicals, Mining & Metals, Power Generation and Pulp & Paper. The Aker Kvaerner group is organised into two principal business streams, namely Oil & Gas and E&C, each consisting of a number of separate legal entities. Aker Kvaerner is used as the common brand/trademark for most of these entities.

The parent company in the group is Aker Kværner ASA. Aker Kvaerner has aggregated annual revenues of approximately NOK 41.4 billion and employs approximately 24 000 people in more than 30 countries.

Aker Kvaerner is part of the Aker Group (www.akerasa.com), a leading multi-industry powerhouse with more than 50 000 employees and NOK 80 billion revenues. Aker owns 50.01 per cent of Aker Kvaerner, and the group is also a major European shipbuilder and a significant participant in the fisheries industry.

www.akerkvaerner.com

Metso is a global engineering and technology corporation with 2005 net sales of approximately EUR 4.2 billion. Its 23 000 employees in more than 50 countries serve customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries.

This press release may include forward-looking information or statements and is subject to our disclaimer, see our web-pages www.akerkvaerner.com

Contact Information

Torbjørn S. Andersen

SVP Group Communications

Aker Kværner ASA

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