The Investigation Committee has objections to the handling of a number of accounting write-downs and provisions made during the period in question, and believes that Kvaerner's former boards and corporate management created an incorrect picture of developments within the group.

Through communications with the stockmarket and announcements to the media, the impression was created that the group had left its problems behind. Strategies and growth ambitions were also expressed which were unrealistic in relation to the company's actual financial position.

Oslo Stock Exchange assessed on its own initiative the information provided by Kværner ASA to the market in connection with the group's liquidity crisis in autumn 2001. In March 2002, Oslo Stock Exchange concluded that Kværner ASA had breached its duty of disclosure under the Stock Exchange Regulations, and fined the company NOK 560,000 for the violations.

The Investigation Committee's report does not, in the company's opinion, provide any factual evidence for legal action to be brought against Aker Kvaerner. However, the possibility cannot be excluded that shareholders and others able to demonstrate that have incurred losses may claim damages from former board members and executives.

Since refinancing in the winter of 2001/2002, Aker Kværner ASA has developed in a positive direction. With its new shareholder structure, new board of directors and new corporate management, the company has made considerable changes in the group's organisation and management.

Media:
Geir Arne Drangeid, SVP Group Communications, Aker Kvaerner. Tel: +47 913 10 458

Investor relations:
Tore Langballe, Vice President, Aker Kvaerner, Group Comms. Tel: +47 67 51 31 06

The report, and more information on the composition of the Investigation Committee, its mandate and proceedings, is available on Aker Kvaerner's website at www.akerkvaerner.com.