Share buy back programme
25 April 2007 - Based on the 2007 annual general meeting's authorisation for share buy backs, the Board of Directors of Aker Kværner ASA has authorised the management to purchase up to 13.7 million shares, representing 5 % of the share capital of Aker Kværner. The buy back programme will be conducted opportunistically, at levels and timing that will enhance overall shareholder value. Buy backs will also be based on the company's performance and a review of possible alternative uses of the company's capital.
The program will last until the company's ordinary general meeting in 2008. Shares acquired through the buy-back program may be used for prospective reductions of the share capital to be decided by the general meeting, as settlement in future corporate acquisitions or in connection with prospective share programs for employees.
As of today, Aker Kværner already owns 1,268,830 own shares representing 0.46 % of the share capital (in addition to 1,146,170 shares that have been approved cancelled by the 2007 annual general meeting and will be deleted upon execution of the share capital reduction in the Norwegian Register of Business Enterprises (Foretaksregisteret)).
The highest share price where buy-back may be executed is NOK 300, but the price shall normally not be higher than the price of the last independent trade or the highest current independent bid on the Oslo Stock Exchange. The maximum number of shares that may be purchased per day is on the outset 25% of the average daily volume traded in the 20 trading days preceding the date of purchase.
ENDS
For further information, please contact:
Media:
Torbjørn S. Andersen, SVP Group Communications, Aker Kvaerner. Tel: +47 67 51 30 36, Mob: +47 928 85 542
Torbjørn S. Andersen, SVP Group Communications, Aker Kvaerner. Tel: +47 67 51 30 36, Mob: +47 928 85 542
Investor relations:
Lasse Torkildsen, VP Investor Relations, Aker Kvaerner. Tel: +47 67 51 30 39
Lasse Torkildsen, VP Investor Relations, Aker Kvaerner. Tel: +47 67 51 30 39
Career opportunities:
Visit http://www.akerkvaerner.com/Internet/CareerCentre
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 23 000 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 40.1 per cent 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