Brandal to succeed Hansen as President and CEO

The board of directors of Aker Kværner ASA has appointed Martinus Brandal President and CEO and general manager of the company. Brandal will take up his position on 1 July 2006. Inge K. Hansen will join Aker ASA as a consultant to Aker Group management as of the same date.

3 Mar 06, Martinus Brandal is currently Executive Vice President of Aker ASA in charge of operations, strategy, and business development. He joined Aker in the summer of 2004, and has held a number of Board positions at Aker Group companies. Prior to joining Aker, Brandal was in charge of the Process Automation business area of the ABB industrial group.

Inge K. Hansen has led Aker Kværner for two years. Before joining the company, he was acting President and CEO of Statoil. Under his leadership, Aker Kværner has developed rapidly and well. Aker Kværner’s 2005 profit, alone, demonstrates how much the company has improved.

-Last year was a good year for Aker Kværner. We won many key contracts and improved our performance in all areas, says Hansen. -The financial goals for 2006, which we established in 2004 and that many at the time regarded as extremely ambitious were exceeded by a solid margin in 2005, Hansen says.

Aker Kværner board chairman Leif-Arne Langøy, who is also Aker board chairman and CEO, points out that Aker Kværner’s excellent development under Hansen’s leadership greatly strengthened confidence in both Aker Kværner and in Aker, particularly in financial markets.

- Since the spring 2004 share issue, Aker Kværner’s share price has risen from NOK 130 to NOK 578 at the close of trade yesterday. That corresponds to a value growth for shareholders of NOK 24.7 billion or 345 percent. Order intake and profit growth also show that we have customers’ confidence, and that we complete our deliveries with greater predictability and quality than in the past, Langøy says.

Hansen will continue to work for the Aker Group after he leaves his position as Aker Kværner President and CEO. He will be associated with Aker ASA as a project creator and driver, and will work closely with Group management.

- Martinus Brandal, who takes the helm at Aker Kværner in July, has extensive international oil and gas experience from his many years with ABB. He’s also very familiar with Aker Kværner as a result of being a board member of the company. The groundwork has been laid for the company’s continued favorable development, says Leif-Arne Langøy.

Martinus Brandal is currently a board member of Aker Kværner, Aker Yards, Aker Drilling, and Aker Seafoods, and he is board chairman of Bjørge ASA. Brandal will continue to serve as a board member of Aker Yards, but will resign his board memberships in the other listed companies just mentioned, following the companies’ annual shareholders’ meetings this spring.

Ends

For further information, please contact:

Investor relations:
Lasse Torkildsen, Vice President, Investor Relations, Aker Kvaerner. Tel: +47 67 51 30 39, Mob: +47 911 37 194

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 and Gas, Refining and Chemicals, Mining and Metals, Pharmaceuticals and Biotechnology, Power Generation and Pulp and Paper. The Aker Kvaerner group is organised into two principal business streams, namely Oil and Gas and E and 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 20 000 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 40 000 employees and NOK 60 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.

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 Andersen

SVP Group Communications

Aker Kvaerner

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