AGREEMENTS ENTERED INTO WITH TH GLOBAL

- Aker Kværner will acquire some 1,300 employees from TH Global. As compensation, Aker Kværner will pay TH Global GBP 64 million over a period of six years. The transaction will have an immediate, positive annual profit effect for Aker Kværner of approximately GBP 7 million.

- Aker will contribute to the fulfillment of these agreements by converting an unsecured NOK 296 million receivable, payable by the TH Global Group, to a minority ownership interest in the parent company of the TH Global Group. The shares received in this transaction are valued at NOK 36 million. This transaction does not have any liquidity effects for Aker. However, it results in a first-quarter 2006 negative profit effect of approximately NOK 260 million in the accounts of the parent company Aker ASA and holding companies.

- In addition, Aker has agreed to acquire - or contribute to TH Global divesting to other owners - business activities worth a total of GBP 11.7 million.

For TH Global, the transactions described above with Aker and Aker Kværner are part of the financing of the recently concluded agreement with Trafalgar House Trustees Limited, the UK pension fund of the former Kværner organization. TH Global has agreed to make a total of GBP 101 million to the pension fund by 2012.

The appropriate UK authority, the Pensions Regulator, has issued a clearance statement in respect of the arrangements. As a result of the agreement, TH Global`s sole involvement with the pension fund will be to make the agreed payments.

`We at Aker are proud of the way we have been working with TH Global, the Board of the UK Kværner Pension Fund, and the UK authority, the Pensions Regulator, to reach a good, permanent solution benefiting not only Aker and our companies in the UK but also the 30,000 retirees and former Kværner employees in the UK pension scheme,` says Leif-Arne Langøy, Aker`s Board Chairman and CEO and Board Chairman of Aker Kværner.

`With these agreements we secure Aker Kværner access to key resources while providing the company with lower and more predictable pension costs. This achievement, in turn, will facilitate more flexible and lower-cost financing, benefiting Aker and all other Aker Kværner shareholders,` Langøy says.

Please also see press releases from Aker Kværner, TH Global and Kvaerner Pension Fund.