Profits for the three-month period developed positively, taking EBITDA for the second quarter to NOK 441 million, a 36 percent increase from NOK 325 million in the second quarter of 2004. EBITDA for the first six months of 2005 was NOK 817 million, an increase by 28 percent from NOK 639 million in the corresponding period last year.

Order intake in the second quarter was NOK 16.6 billion, bringing the order backlog at the end of June to a record-high NOK 44.5 billion. Aker Kvaerner's main markets developed favourably and early-phase study work and bidding activity were high.

Cash flow from operating activities in the second quarter was NOK 276 million, reflecting only relatively small changes in net current operating assets from the end of first quarter. The liquidity buffer, including undrawn credit facilities of NOK 2.1 billion, was at the end of June a comfortable NOK 4.7 billion.

One of the main focus areas of Aker Kvaerner is to continuously improve operational efficiency, and the overall predictability and robustness of the group are steadily improving. Sakhalin, Kristin, White Rose and Jiang Lin, all major projects, have been successfully delivered during the second quarter.

Main markets are positive, and in several areas Aker Kvaerner has established a position as one of the two or three leading contractors in the world.

ENDS

Please find attached the full 2nd quarter report.

For further information, please contact:

Media:

Torbjørn Andersen, Senior Vice President, Group Communications. Tel: +47 67 51 30 36, Mob:+47 928 85 542

Investor relations:

Lasse Torkildsen, Vice President, Investor Relations. 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 & 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 35.6 billion and employs approximately 22 000 people in more than 30 countries.

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