Aker Kværner Industrial Maintenance, (legal name Aker Kværner Industrielt Vedlikehold), Høyanger branch, West-Norway, shall carry out the work, which begins on October 1, 2004 and continues to September 30, 2009.

"We have co-operated with Hydro Aluminium in Høyanger since 1999. Together we have managed to reduce the maintenance costs and improve the regularity of the operation of the plant," says Mr. Jan Bull-Simonsen, President of Aker Kværner Industrial Maintenance.

"The positive development of the maintenance in Høyanger was crucial when Hydro decided to re-negotiate the contract with us for five new years. At all other Norwegian plants Hydro Aluminium has chosen another partner for maintenance, HPP (Hydro's own maintenance company).

During the last two years we have developed target price contracts in different fields. This is a way of co-operating which both parties are interested in developing further, as it is expected to give further improvements," says Mr. Bull-Simonsen.

In February 1999 Kværner took over a total of 89 blue-collar workers from Hydro Aluminium and established a maintenance department in Høyanger, based on a five-year agreement. Today Aker Kværner Industrial Maintenance has 106 employees in Høyanger. The Hydro contract accounts for approx. 65 per cent of the department's turnover.

The old Søderberg technology for production of aluminium does not meet future emission requirements and has to be shut down in 2007. This means changes to personnel and the companies in the region.

"We are, however, aware of the fact that Hydro is very interested in contributing to the change process, and there are many exciting things under way," says Mr.Kjell Inge Solhaug, Manager of Aker Kværner Industrial Maintenance in Høyanger.

"Our company accounts for an important part of the infrastructure which is necessary in order to establish new industry in Høyanger, and we await the years to come in an optimistic manner, says Mr. Solhaug.

ENDS

 

For further information, please contact:

Media:
Jan Bull-Simonsen, President, Aker Kværner Industrial Maintenance
Tel: +47 51 89 82 35, Mob: +47 906 79 225

Torbjørn Andersen, Senior Vice President, Group Communications, Aker Kvaerner ASA. Tel: +47 67 51 30 36, Mob: +47 928 85 542

Investor relations:
IR-Vice President Lasse Torkildsen, Aker Kværner ASA, Tel: +47 67 51 30 39

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 span a number of industries, including Oil & Gas production, Refining & Chemicals, Mining & Metals, Pharmaceuticals & Biotechnology, Power Generation and Pulp & Paper. Aker Kvaerner has aggregated annual revenues of approximately USD 4.5 billion and employs around 21,000 employees in more than 30 countries.

The Aker Kvaerner group consists 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.

 

MMO Europe (Maintenance, Modifications and Operations) is responsible for the Aker Kvaerner's MMO competencies and capacities, serving the Norwegian and UK Continental Shelf, and supporting selected international initiatives. The core competencies are turn-key deliveries offshore modifications, long term on- and offshore modification and maintenance contracts, inspection, operation and operations support, offshore removal and de-construction and subsurface advisory. MMO Europe has approximately 6,000 employees, including 2,600 engineers.

Aker Kvaerner Industrial Maintenance is the market leader within modifications, maintenance and operation support of the Norwegian Onshore industry. The main activity is focused on the major process- and smelter industries like Alcoa, Elkem, Fundo, Norsk Hydro and Boliden Odda. The Business Unit has 470 employees and has its main operation located in Odda, Mosjoen, Hoeyanger and Kristiansand. The capabilities include multidiscipline engineering as well as mechanical and electrical/instrument (automation) services and project execution.

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