Revenues in the second quarter totalled NOK 13 998 million, an increase of 44 percent compared with the same quarter last year, reflecting strong markets and high activity in all reporting segments.

EBITDA for the three-month period was NOK 733 million. This represents an increase of 66 percent from NOK 441 million in the second quarter 2005. The quarterly EBITDA margin was 5.2 percent compared to 4.5 percent in the second quarter last year.

The second quarter order intake was NOK 15.2 billion. This brings the order backlog to a solid NOK 56 billion.

Cashflow from operating activities was NOK -169 million in the second quarter, reflecting a NOK 1 265 million increase in net current operating assets. Cash and bank deposits at the end of June amounted to NOK 6.2 billion. The liquidity buffer, including undrawn credit facilities of NOK 2.2 billion, was a comfortable NOK 8.4 billion.

The closing price of the Aker Kvaerner share at the end of June was NOK 584. Accordingly, the company's market capitalisation was NOK 32.1 billion, an increase of NOK 9.3 billion from year end 2005. A total of 25 million Aker Kvaerner shares were traded on the Oslo Stock Exchange during the second quarter, which constitutes 45 percent of total outstanding shares.

The market is still expected to be strong with attractive opportunities. With the high capacity utilisation in the industry, the focus for Aker Kvaerner will be to continue to select and execute the right projects successfully.

As a contract to sell the Pulping and Power businesses have been signed, the Pulping and Power segment is treated as "discontinued operations" in the accounts from 1 January 2006. Pro forma accounts showing Pulping and Power as an integrated part of the group have been prepared as well (re. page 6) All comments in this report refer to the pro forma accounts unless explicitly stated otherwise.

 

Media:

Torbjørn S. Andersen, SVP Group Communications, Aker Kvaerner. Tel: +47 67 51 30 36, Mob: +47 92 88 55 42

Lasse Torkildsen, VP Investor Relations, Aker Kvaerner, Tel: +47 67 51 30 39, Mob: +47 91 13 71 94

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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, Pharmaceuticals & Biotechnology, Power Generation and Pulp & Paper. The Aker Kvaerner group is organised into two principal business streams, namely Oil & Gas and E&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 23 000 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 62 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