Aker Kvaerner reduces its debt

Cash and bank deposits in the group totalled NOK 5.2 billion at 30 September. The outstanding balance on the three-year credit before the partial repayment is roughly NOK 3.5 billion.

For the bondholders in "Flytende rente Kværner ASA obligasjonslån 2002/2004" with ticker KVI 55 on the Oslo Stock Exchange the partial repayment will be made by a drawing among bondholders registered in VPS on 18.12.2003.


For further information, please contact:

Geir Arne Drangeid, SVP Group Communications, Aker Kværner ASA, Tel: +47 67 51 30 36

Investor relations:
Tore Langballe, Vice President Investor Relations, Aker Kværner ASA, Tel: +47 67 51 31 06

Aker Kværner ASA
is through its subsidiaries and affiliates ("Aker Kvaerner") a leading global provider of engineering and construction services, technology products and integrated solutions. The business within Aker Kvaerner spans a number of industries, including Oil & Gas production, Refining & Chemicals, Pharmaceuticals & Biotechnology, Mining & Metals, Power, Pulping and Shipbuilding. Aker Kvaerner has aggregated annual revenues of approximately USD 6 billion and employs around 29,000 employees in more than 30 countries.

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