3 July 2006 -- Martinus Brandal, former Executive Vice President of Aker ASA today assumes the role of President and CEO of Aker Kvaerner, succeeding Inge K. Hansen.  Hansen joins Aker ASA as a consultant to the group's management.

"Taking over the helm of Aker Kvaerner from Inge Hansen is like taking over a ship that is right on course, going at high speed, with the best crew one could wish for," said Martinus Brandal. "As I have been part of the Board of Directors and assisted in charting the course for the company - I feel well-prepared for the task.  My goal is to continue the current strategy, drive the business and optimize operations for the benefit of all stakeholders."  

Martinus Brandal joined Aker in the summer of 2004, and has held a number of Board positions at Aker Group companies.  He is very familiar with Aker Kvaerner as a result of being a board member of the company and assisting in developing the strategy that the company has followed in the last two years. He will continue to serve as a board member of Aker Yards.

Prior to joining Aker, Brandal was in charge of the Process Automation business area of the ABB industrial group and he has extensive international oil and gas experience.

The planned succession of former CEO Inge K. Hansen was announced in March 2006. Under Hansen's leadership, Aker Kvaerner has developed rapidly and well. Aker Kvaerner's 2005 record-high profit, alone, demonstrates how much the company has improved.

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 and Gas, Refining and Chemicals, Mining and Metals, Pharmaceuticals and Biotechnology, Power Generation and Pulp and Paper. The Aker Kvaerner group is organised into two principal business streams, namely Oil and Gas and E and 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 41.4 billion and employs approximately 20 000 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