Aker Kvaerner today launched an internal process that will lead to the creation of one, new business area that integrates the operations of its current Maintenance, Modifications and Operations business area (MMO) and Field Development business area (FD). The new business area will have nearly 8 500 own employees - including more than 2 300 engineers.

"We do this to streamline our operations - to further sharpen our commercial edge to win new projects in new and current markets. This initiative will strengthen our ability to develop new business opportunities - and to deliver on our strategic targets," says Simen Lieungh, President & CEO at Aker Kvaerner.

"The reorganisation gives a leading engineering capability, with enhanced flexibility to further optimise our services offering and capacity. The initiative secures more focused business streams and resource centres, positioning Aker Kvaerner for further project execution excellence - across our project portfolio, throughout the value chain of our customers," says Lieungh.

The reorganisation launched today sets off a process that will decide the new structure, business streams and new management. The new model is expected to be fully operational from 1 January 2009.

ENDS

 

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

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 58 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