Metso and Aker Kvaerner sign final agreement

28 April 2006 - Aker Kvaerner and Metso have signed the Final Sale and Purchase Agreement for Metso to acquire Aker Kvaerner’s Pulping and Power business. The letter of intent for this transaction was first announced on 8 February 2006. The closing of the transaction is subject to the necessary approval of the relevant regulatory authorities. It is anticipated that closing will take place during the second half of the year.

Following the successful completion of the due diligence process, the agreed transaction price of approximately NOK 3 billion remains unchanged. Metso Paper and Aker Kvaerner’s Pulping and Power business continue to act as separate and independent companies, competing with each other until the closing of the transaction. After all the approvals have been received, the transaction is closed, and the integration of the businesses will commence.

ENDS

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, Pharmaceuticals & Biotechnology, 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 41.5 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.

Kvaerner Power is the leading chemical recovery equipment supplier in the world with its 300 recovery boilers and 300 evaporation unit deliveries. Kvaerner Power is also a forerunner in fluidized bed combustion for both the pulp and paper industry and the power generation industry. Approximately 200 power boilers in operation testify to the expertise in fluidized bed technology with demanding fuels. Kvaerner Power has designed and manufactured the world’s largest recovery units and biomass-fired fluidized bed boilers. Kvaerner Power has main operations in Finland, Sweden, USA and Brazil, employing 1600 people worldwide.

Kvaerner Pulping is a leading supplier of machines, process systems and service to the world-wide pulp and paper industry. Kvaerner Pulping, with headquarters in Karlstad, Sweden, has 630 employees in 12 countries around the world. Kvaerner Pulping is committed to continuously improving its customers’ products, productivity and profitability through the delivery of innovative technical solutions. Kvaerner Pulping offers the full range of engineering, procurement and construction services, from single machines to complete fiberlines and white liquor plants.

In 2005, the net sales of Pulping and Power were EUR 565 million, and it had an order backlog of EUR 600 million at the end of the year.

Metso is a global engineering and technology corporation with 2005 net sales of approximately EUR 4.2 billion. Its 22 000 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.

Metso Paper is approximately 40 per cent of Metso Corporation’s net sales. Metso Paper’s Fiber Business Line serves the pulp and paper industry with chemical, mechanical and recycled fiber technologies and related services. In 2005, the Fiber Business Line’s net sales were EUR 489 million. It has some 2 000 employees with main locations in Pori and Valkeakoski in Finland and Sundsvall in Sweden.

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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