KVÆRNER AND AKER HOLD MERGER TALKS

This plan under consideration means that Kværner ASA will merge with Aker Maritime Finance AS, a wholly owned subsidiary of Aker ASA. Kværner`s current shareholders will receive settlement in the form of Aker A shares. The two companies` stock market price will form the basis for negotiations concerning the exchange ratio for the merger.

By integrating Kværner into Aker, savings will be achieved in relation to the two parent company structures which now exist, as well as a simplified ownership structure without cross-ownership. This is a simplification appreciated by the market.

`Over the past year Kværner has significantly simplified the company and made its value clearer. At present Aker B shares constitute Kværner`s most important asset. Now we are ready to bring the work in Kværner to a conclusion as it was first outlined at the company`s annual general meeting on 2 July 2004, says Lone Fønss Schrøder, chairman of Kværner ASA.`

`Aker`s strong liquidity situation will not be weakened by the implementation of the merger, as the merger will eliminate corresponding liabilities related to the previous purchase of Aker American Shipping ASA,` says Leif-Arne Langøy, president and CEO of Aker ASA.

`The way we plan to effect the merger, Kværner`s current involvements, commitments and holding of Aker B shares will still be kept separate from Aker`s other activities, and the merged subsidiary, including former Kværner, will on an independent basis have a strong balance sheet viewed against its commitments`, Mr. Langøy adds.

Kvaerner and Aker are working to finalise a merger agreement by the end of August. This will make it possible to hold extraordinary general meetings in the companies by the end of September and to complete the merger by the end of the year.