Profits increased in the three-month period, taking EBITDA for the full year to NOK 1,401 million, a substantial increase from NOK 1,003 million in 2003.

Order intake for the fourth quarter was NOK 11.3 billion, and the order backlog at the end of December was a record high NOK 35.9 billion. Aker Kvaerner's main markets have developed favourably in 2004. Early phase study work has picked up and bidding activity is high.

Cashflow from operating activities was in 2004 NOK 1,646 million, reflecting a NOK 892 million decrease in net current operating assets. Cash and bank deposits at the end of December were a comfortable NOK 3.7 billion after a NOK 560 million repayment of debt in the last two quarters. The cash position at year-end is positively impacted by advances from customers, and will be partly off-set by corresponding outflows in the next quarters.

This positive development is the result of a general market improvement in addition to a strong focus on improving operational efficiency, and the impact of various change programmes which have been implemented throughout the Aker Kvaerner group. Competitiveness has been strengthened resulting in a healthy and well-balanced order backlog. The overall predictability and robustness of the group are improving.

Aker Kvaerner was listed on the Oslo Stock Exchange on 2 April 2004. The share price increased by 24 percent between the listing date and year-end 2004, creating value for shareholders of NOK 1.7 billion during the period. The share price has further increased from NOK 161 to NOK 196 between year-end and 14 February 2005. Market capitalisation per 14 February 2005 is NOK 10.8 billion.

Please find enclosed the full version of the fourth quarter report.

ENDS

For further information, please contact:

Media:

Torbjørn Andersen, SVP Group Communications, Aker Kvaerner.

Tel: +47 67 51 30 36, Mob: +47 928 85 542

Investor relations:

Lasse Torkildsen, Vice President, Aker Kvaerner, Group

Comms. 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

span a number of industries, including Oil & Gas

production, Refining & Chemicals, Mining & Metals,

Pharmaceuticals & Biotechnology, Power Generation and Pulp

& Paper. Aker Kvaerner has aggregated annual revenues of

approximately USD 4.5 billion and employs around 21,000

employees in more than 30 countries.

The Aker Kvaerner group consists 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.

This press release may include forward-looking information

or statements and is subject to our disclaimer, see our web-

pages www.akerkvaerner.com