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    Aker Kvaerner "refocused"

    News // March 5, 2004
    The Board of Aker Kvaerner has approved plans for a three-way reorganisation of the group into two focused industrial groups, each leading players within their fields, and one industrial holding company.

    "We will create a financially strong industrial group with activities within oil, gas, energy and process, and a strong and separate shipbuilding group. Non-core activities and ownership positions will remain in the holding company," stated Helge Lund, Group President and CEO of Aker Kvaerner.

    "The three-way reorganisation is consistent with our long term strategy, and we are convinced that this change will benefit all of our stakeholders," Helge Lund continued. "Each entity will be strong and financially sound. Employees, leaders and boards will be able to concentrate on core activities and value creation for our customers and shareholders."

    Aker Kvaerner's current activities within the oil and gas and engineering and construction segments will be combined into one group, called Aker Kværner ASA and listed, most likely in the second quarter thisyear after an initial public offering (IPO) of approximately NOK 2 billion.

    The company's shipbuilding activities in Finland and Germany will be combined with Aker Yards to form Europe's leading, and the world's fifth largest, shipbuilding group. With 13 shipyards in Europe and one in Brazil, the combined group will be a leaderin several markets segments, including cruise ships, container vessels, conventional and high-speed ferries, ro-ro vessels, chemical tankers and offshore service vessels. The combined group will retain the Aker Yards name and be listed later this year.

    The current Aker Kværner ASA, which as a consequence of the restructuring will revert to using the Kværner ASA name, will become the principle shareholder in the new Aker Kvaerner and Aker Yards, respectively.Both industrial groups will continue to be consolidated in Kvaerner's accounts.

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