Aker Kvaerner has been awarded this project, based upon the successful completion of Teijin Twaron's Mirai project, early 2003.  "Through the excellent teamwork of Teijin Twaron and Aker Kvaerner on the Mirai project, all targets with respect to safety, cost, quality and schedule were met and exceeded.  The success of the Mirai project has formed the solid basis for a continued strong relationship between the two companies," said Wim van der Zande, president of AK Process.

This project entails the further expansion of Teijin Twaron's spinning capacity in Emmen. The project is scheduled for mechanical completion in September 2005, and will be executed from Aker Kvaerner's office in Zoetermeer, The Netherlands. Activities on the construction site commence immediately to ensure the challenging schedule is achieved.

"The award of this contract to Aker Kvaerner once again underlines our leading position as a provider of integrated solutions to the European high performance fibre market and the confidence that Teijin Twaron places with us to execute this important project safely and on target," concludes Wim van der Zande.

ENDS

For further information, please contact:

Press information + photography:               

Caroline Mackay, Corporate Communications Manager, Teijin Twaron BV.       

Tel.: +31 (0)26 366 2030, Fax: +31 (0)26 366 5854 or Email: caroline.mackay@twaron.com                                             

Frits Laugeman, Aker Kvaerner, Zoetermeer, Netherlands. Tel: +31 (0)79 368 8607

Vanessa Mourant, Aker Kvaerner, London, UK. Tel: +44 (0)20 7339 1064, Mobile: +44 (0)7771 806566

1. 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.

2. E&C Europe specialises in the provision of process technology, engineering studies (including bankable feasibility and environmental studies), total project management, engineering and design, procurement, construction, commissioning and maintenance services. With nearly 5,000 people based largely from Europe, E&CEurope serves a number of industrial sectors: refining and petrochemicals, pharmaceuticals & biotechnology, onshore oil & gas, power generation, chemical pulping, nuclear, water, and mining and metals.

3. AK Process is a trading name of Aker Kvaerner Netherlands B.V., the legal entity responsible for the execution of the work.  AK Process is one of the core businesses of the Aker Kvaerner group in Europe.  AK Process serves the chemicals and polymers, refining and onshore oil & gas industries.  It provides the full life cycle of a project from concept studies, through to design, engineering, project management, delivery of process technologies, procurement, construction and maintenance services. As a pure project execution/EPC specialist, AK Process can provide customers with strategic 'one-off' services or full turnkey solutions under a single project management control.

We work with our customers in the development of major technological innovations, having participated in the conceptualisation and implementation of ideas, which are the foundation for world-class production facilities.

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