Lieungh New Aker Kvaerner Pres. and CEO, Aker Solutions New Name

Simen Lieungh, a former Aker Kvaerner executive vice president and 20-year company veteran, has been appointed President & CEO of Aker Kvaerner ASA. Martinus Brandal will be nominated as new Chairman of the Board of the company.

The news was announced this afternoon at Aker Kvaerner's annual global Operating Managers Conference, gathering more than 200 managers at Holmenkollen Park Hotel.

"We are very pleased that Simen has decided to return to Aker Kvaerner and take over the helm of the company. His solid industry background and strong leadership experience will strengthen the development and delivery of our high quality industrial solutions," says Leif-Arne Langoy, Chairman of the Board of Aker Kvaerner ASA and Chairman & CEO of Aker ASA.

Lieungh will assume his responsibilities as President & CEO in March. From 1988, Lieungh held several positions within Aker Kvaerner and he served as executive vice president of Field Development from 2002 to August 2007. Lieungh has considerable experience with large field development projects, covering all phases from conceptual studies to project execution. He is a Norwegian citizen and a graduate of the Norwegian University of Science and Technology. He comes from the position as Managing Director at Arne Blystad AS.

"I'm thrilled to be back at Aker Kvaerner, and I look forward to continue strengthening our successful platform together with the great team. We will continue to deliver technology, services and project execution to our customers as an integrated part of the complete Aker offering," says Lieungh.

Lieungh will succeed Martinus Brandal as President & CEO. Brandal will be nominated as new Chairman of the Board of Aker Kværner ASA, and has been appointed Executive Vice President responsible for the Energy Technologies sector in Aker ASA.

In other news, the company has stated that the new name, Aker Solutions, is part of a longstanding relationship with Aker Holdings.

During 2007 a long-term and stable ownership structure was established for Aker Kvaerner, as more than 40 percent of the shares in the company were transferred from Aker to Aker Holding, a holding company controlled by Aker. The owners of Aker Holding have mutually agreed that the company will keep its Aker Kvaerner shares for at least ten years.

"With this clarification of ownership and the many business opportunities we see ahead in the interface between Aker Kvaerner and other Aker companies, we found the time right to change name and clarify our close ties with other companies in the Aker family," says President & CEO Martinus Brandal. "The new name, Aker Solutions, represents a simplification and strengthening of our corporate identity, and it outlines our offering of comprehensive industrial solutions."

"I look forward to becoming the first President & CEO of Aker Solutions," says Lieungh. "In a way the new name also marks a symbolic conclusion to the highly successful integration of Aker and Kvaerner, which started in 2002."

The proposed name change is subject to approval at the ordinary annual general meeting 3 April 2008. The board of Aker Holding has already discussed and concluded in favour of the proposed name change.


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