Each of the five business areas in the new structure will have global responsibility for the entire value chain, ranging from marketing and technology development through project execution to service and maintenance. The new structure will further leverage the operation, and enable Aker Kvaerner to provide total solutions for the customers.

"We are establishing a global business area model which is more customer oriented and will help us reaching our profitable growth objective in the years to come," says Martinus Brandal, President and CEO of Aker Kvaerner.

In the new structure, the five global business areas will be:

The Executive Management Team will from April 1 consist of President & CEO Martinus Brandal and EVP & CFO Bjorn Erik Naess, together with the five EVPs mentioned above.

Gary Mandel is leaving Aker Kvaerner after being nominated Vice Chairman of the Board of Aker American Shipping ASA, which is a listed company at the Oslo Stock Exchange and part of the Aker group of companies. Gary Mandel will also be Chairman, President & CEO of American Shipping Corporation, a 100 per cent owned subsidiary of Aker American Shipping. In his new position as Vice Chairman, Gary Mandel will report to the Chairman of the Board of Directors, Mr. Leif Arne Langoy.

"Gary Mandel, together with his teams, has done an outstanding job for Aker Kvaerner for many years", says Mr. Brandal. "As an example of a leader with high performance with respect to HSE, financial results and driving our Values, both Aker Kvaerner and the wider Aker group need to continue to leverage from his leadership and management competence. I am pleased that Gary will continue to work with Aker in his new position.  This is also an example of the career opportunities we have in within the Aker Group".

The new organisation structure with five global business areas will be effective from April 1, 2007. For external financial reporting, Aker Kvaerner has already had a reporting based on presentation of five segments, but these external reporting segments differ from the new internal structure on some points.

With effect for the first quarter of 2007, also Aker Kvaerner's external financial reporting will be based on the new structure, presenting the financial figures for the five business areas. Pro-forma historical numbers for the five business areas in the new structure will be published before the first quarter 2007 financial result is presented at April 25.

ENDS

 

Media:
Torbjørn S. Andersen, SVP Group Communications, Aker Kvaerner. Tel: +47 67 51 30 36, Mob: +47 928 85 542

 

Investor relations:
Lasse Torkildsen, VP Investor Relations, Aker Kvaerner. Tel: +47 67 51 30 39

 

Career opportunities:
Visit http://www.akerkvaerner.com/Internet/CareerCentre

 

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 and Power Generation. The Aker Kvaerner group is organised in 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 50 billion and employs approximately 23 000 people in about 30 countries.

Aker Kvaerner is part of the Aker Group (www.akerasa.com), a leading multi-industry powerhouse with more than 55 000 employees and NOK 80 billion revenues. Aker owns 40.1 percent 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