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    Kvaerner and Aker join forces in shipbuilding

    News // February 15, 2002
    Kvaerner and Aker RGI Holding have announced that they intend to establish a jointly owned shipbuilding management company. Together, the two groups own 12 shipyards in Europe, and one in the US and Brazil. The yards have a total of some 13,500 employees- with combined revenues of NOK 20 billion.

    Kvaerner and RGI have stated that they intend to merge their respective before, but the parties have now agreed to postpone such negotiations until a better assessment of the financial and operational issues have been concluded, and until such time as the value of the operations can be more precisely determined.Both parties agree that substantial synergies can be achieved and that the value of their respective operations will increase through the establishment of a joint management company.

    The management company, to be called Aker Kvaerner Yards AS, will be owned50:50 by Kvaerner ASA and Aker RGI Holding ASA, and should become effective fromFebruary 15th. The company will co-ordinate the operation of the yards and work to identify and realize synergies.

    The new company will be headed by Leif A Langoy, currently CEO of Aker Yards, while Kvaerner's President & CEO, Helge Lund will be Chairman. Hans Petter Finne, currently head of Kvaerner's Shipbuilding business area will continue to work for Kvaernerduring a transition period, following which he will leave the Group.

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