During 2007 a long-term and stable ownership structure was established for Aker Kvaerner, as more than 40 percent of the shares in the company were transferred from Aker to Aker Holding, a holding company controlled by Aker. The owners of Aker Holding have mutually agreed that the company will keep its Aker Kvaerner shares for at least ten years.

"With this clarification of ownership and the many business opportunities we see ahead in the interface between Aker Kvaerner and other Aker companies, we found the time right to change name and clarify our close ties with other companies in the Aker family," says President & CEO Martinus Brandal. "The new name, Aker Solutions, represents a simplification and strengthening of our corporate identity, and it outlines our offering of comprehensive industrial solutions."

In a separate statement today, Aker Kvaerner announced that Simen Lieungh has been appointed new President & CEO of Aker Kvaerner starting in March this year. He will succeed Martinus Brandal who will be nominated new Chairman of the Board of the company (see separate announcement).

"I look forward to becoming the first President & CEO of Aker Solutions," says Lieungh. "In a way the new name also marks a symbolic conclusion to the highly successful integration of Aker and Kvaerner, which started in 2002."

The proposed name change is subject to approval at the ordinary annual general meeting 3 April 2008. The board of Aker Holding has already discussed and concluded in favour of the proposed name change.

ENDS

For further information, please contact

Jannik Lindbæk jr., SVP Corporate Communications, Aker Kvaerner.

Tel: +47 67 51 30 36, Mobile: +47 977 55 622 

Investor Relations
Lasse Torkildsen, SVP Investor Relations, Aker Kvaerner.

Tel: +47 67 51 30 39, Mobile: +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 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 24 000 people in about 30 countries.

Aker Kvaerner is part of Aker (www.akerasa.com), a group of premier companies with a focus on energy, maritime and marine-resources industries. The Aker companies share a common set of values and long traditions of industrial innovation. Through its majority owned holding company Aker Holding AS, Aker controls 40.27 percent of the shares in Aker Kvaerner, and takes an active role in the development of Aker Kvaerner.

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