For the top line revenues, Aker Kvaerner expects a flat development in 2008 compared to 2007, and an annual growth of eight to ten per cent for 2009 - 2010.

Aker Kvaerner targets to deliver an EBITDA margin in the range of 9 - 11 per cent by 2010.

This target is based on a robust order backlog and a continued positive market outlook for the energy sector. It is assumed that Aker Kvaerner's business areas Subsea and Products & Technologies will deliver double digit margins, while the business areas Field Development, Maintenance, Modifications and Operations and Process & Construction will deliver high single digit margins. The target is excluding any potential major acquisitions or divestments.

The balance sheet is expected to develop conservatively, with gross dept at a maximum two times the size of the annual EBITDA. The working capital is expected to be neutral, but possibly with quarterly fluctuations.

Annual capital expenditure for investments, excluding potential acquisitions,  are expected to be in the range of NOK 1.0 to 1.2 billion for 2008 - 2010. Of  this, approximately 40 per cent will be used on maintenance of the existing portfolio, while approximately 60 per cent is expected to be used on expansion.

Earnings per share are expected to grow 15 - 20 per cent annually on average for the period 2008 - 2010.

Cash generation in the period 2008 - 2010 is anticipated to be substantial, and may be used for investments in new capacity, acquisitions, or for redistribution to shareholders. Aker Kvaerner confirms its already existing policy and practice to give shareholders a competitive yearly dividend by distributing on average 30-50 per cent of the annual net profit, either through cash dividend and / or share buy-back.

ENDS

Media:
Torbjørn S. Andersen, SVP Corporate Communications, Aker Kvaerner.

Tel: +47 67 51 30 36, Mob: +47 928 85 542

Investor relations:
Lasse Torkildsen, SVP 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 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. As an industrial owner with a 40.27 percent holding in Aker Kvaerner, Aker ASA takes an active role in the development of its holdings.

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