Brandal to Succeed Hansen as President and CEO at Aker Kvaerner

The board of directors of Aker Kvaerner ASA has appointed Martinus Brandal President and CEO and general manager of the company. Brandal will take up his position on July 1, 2006. Inge K. Hansen will join Aker ASA as a consultant to Aker Group management as of the same date.

Martinus Brandal is currently Executive Vice President of Aker ASA in charge of operations, strategy, and business development. He joined Aker in the summer of 2004, and has held a number of Board positions at Aker Group companies. Prior to joining Aker, Brandal was in charge of the Process Automation business area of the ABB industrial group.

Inge K. Hansen has led Aker Kvaerner for two years. Before joining the company, he was acting President and CEO of Statoil. Under his leadership, Aker Kvaerner has developed rapidly and well. Aker Kvaerner's 2005 profit, alone, demonstrates how much the company has improved.

-Last year was a good year for Aker Kvaerner. We won many key contracts and improved our performance in all areas, says Hansen. -The financial goals for 2006, which we established in 2004 and that many at the time regarded as extremely ambitious were exceeded by a solid margin in 2005, Hansen says.

Aker Kvaerner board chairman Leif-Arne Langoy, who is also Aker board chairman and CEO, points out that Aker Kvaerner's excellent development under Hansen's leadership greatly strengthened confidence in both Aker Kvaerner and in Aker, particularly in financial markets.

Since the spring 2004 share issue, Aker Kvaerner's share price has risen from NOK 130 to NOK 578 at the close of trade yesterday. That corresponds to a value growth for shareholders of NOK 24.7 billion or 345 percent. Order intake and profit growth also show that we have customers' confidence, and that we complete our deliveries with greater predictability and quality than in the past, Langoy says.

Hansen will continue to work for the Aker Group after he leaves his position as Aker Kvaerner President and CEO. He will be associated with Aker ASA as a project creator and driver, and will work closely with Group management.

Martinus Brandal, who takes the helm at Aker Kvaerner in July, has extensive international oil and gas experience from his many years with ABB. He's also very familiar with Aker Kværner as a result of being a board member of the company. The groundwork has been laid for the company's continued favorable development, says Leif-Arne Langoy.

Martinus Brandal is currently a board member of Aker Kvaerner, Aker Yards, Aker Drilling, and Aker Seafoods, and he is board chairman of Bjorge ASA. Brandal will continue to serve as a board member of Aker Yards, but will resign his board memberships in the other listed companies just mentioned, following the companies' annual shareholders' meetings this spring.


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