Aker Kvaerner became a shareholder in the engineering consultancy company Aker Kvaerner Powergas in Mumbai, India, in 1976. Since then, Aker Kvaerner has gradually increased its position up to 48.9 per cent of the shares, and will now increase this further to 64 per cent ownership.

"We are confident that this will continue to be a profitable financial investment, but even more important is the strategic importance," says Inge K. Hansen, president and CEO of Aker Kvaerner ASA.

"For many years, the engineers from Powergas have been important parts of our projects world wide. Access to skilled engineers with relevant experience is key in the competition for and execution of new projects," concludes Hansen.

In addition to Aker Kvaerner, the other major shareholders are the four employee benefit trusts.

"Over the last few years, participation in projects together with the various Aker Kvaerner companies have counted for 20 per cent of our capacity, but we now see exciting opportunities for expanding this cooperation," says Dr. Rama Iyer, chairman of the board of Aker Kvaerner Powergas.

Aker Kvaerner Powergas is involved in both oil and gas projects as well as projects for the onshore based process industries. The company will be a subsidiary of Aker Kvaerner's Houston-based business area Oil, Gas, Process and Energy, OGPE.

ENDS

 

 

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, 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 & 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.

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